The mining firm said it intended to replace Bitfarms board members — including its interim CEO — with three people “completely independent” of both companies.
Riot Platforms, which has been attempting a takeover of Canadian mining firm Bitfarms, said it plans to replace three members of the company’s board of directors.
In a June 24 notice, Riot said it held a roughly 14.9% stake in Bitfarms after the mining firm announced a shareholder rights plan to prevent it from acquiring more than 15% of its stock. Rather than continue purchasing Bitfarm shares, Riot planned to replace three of the company’s board members and “remove any additional director” appointed after its announcement.
“[It] is clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible,” said Riot. “Riot has informed the Bitfarms Board that it has formally withdrawn its previous proposal to acquire all Bitfarms common shares at a price of US$2.30 per share and stands ready to engage and negotiate with a reconstituted Bitfarms Board to pursue a mutually beneficial combination of Bitfarms and Riot.”
