The Ontario Capital Markets Tribunal terminated Bitfarm’s attempt to “poison pill” Riot Farm’s takeover attempt of their firm.
A Canadian tribunal has terminated Bitfarm’s attempted “poison pill” strategy, intended to obstruct a takeover attempt from rival mining firm Riot Platforms.
In a July 24 statement, Riot said the Ontario Capital Markets Tribunal issued a cease trade order on Bitfarms’ poison pill plan, terminating the strategy effective immediately.
Bitfarms has been fighting against a $950 million buyout offer from Riot Platforms since June 13, saying it unfairly undervalued the company. The company adopted the poison pill strategy dubbed the “rights plan” in an attempt to thwart the takeover.
