As a seasoned researcher with years of experience tracking developments in the crypto space, I must say that the ongoing saga between Bitcoin miners Bitfarms and Riot Platforms is as intriguing as it is complex. Having closely followed this rollercoaster ride, I find myself in a unique position to analyze the latest move by Bitfarms – rescheduling its special shareholder meeting to November.
In response to recent updates from Riot Platforms, Bitfarms has decided to postpone its shareholders’ special meeting.
As an analyst, I’m sharing that the rescheduling provides us, Bitfarms’ Special Committee, with additional time to thoroughly examine and address a recent demand from BTC miner Riot. This information comes from a recent press release we issued.
Bitfarms pushes special meeting to November
Riot Blockchain holds significant ownership in Bitfarms, but attempts to purchase a smaller competitor have not been successful yet.
In response to withdrawing its $950 million takeover offer in July, Riot also requested a unique gathering aimed at modifying Bitfarms’ board. More recently, this request has been adjusted within the original meeting agenda set for October 29th.
The current struggle for control over the situation is a significant point of contention in this ongoing story. Bitfarms argues that their board’s decisions are made with the welfare of all BITF stockholders in mind, while alleging that Riot is prioritizing its own interests and those of its shareholders, disregarding those of Bitfarms.
One suggestion the Bitfarms Special Committee is thinking about is expanding the number of potential board members from five to six, in order to safeguard their own interests and those of their shareholders.
Bitfarms has rescheduled the meeting to consider this to Nov. 6.
An acquisition saga
Bitcoin mining companies, Bitfarms and Riot Platforms, have been involved in one of the longest-standing acquisition disputes within the cryptocurrency sector. From the initial strategies such as Bitfarms’ ‘poison pill’ tactic to more recent warnings from Riot against attempts to consolidate power, this battle has been intense.
During this period, Riot has boosted its holdings in Bitfarms, and meanwhile, Bitfarms is aiming to fortify itself through a deal to purchase Stronghold Digital.
In a recent comment on the takeover bid, Bitfarms questioned Riot Platforms’ nominees to the board. According to the miner, Riot Platforms is looking to governance as a tactic towards taking control.
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2024-09-09 20:14