As a crypto investor with experience in following the Bitcoin mining industry, I am closely watching the developments between Riot Platforms and Bitfarms. The launch of www.ABetterBitfarms.com by Riot to address governance issues at Bitfarms and reconstitute their board is an intriguing move that could potentially pave the way for a successful acquisition.
As a crypto investor, I’m excited to share that Riot Platforms, a leading name in Bitcoin mining, has ramped up its bid to obtain Bitfarms. To showcase their commitment and vision for a better future, they have launched a new website: www.ABetterBitfarms.com.
A new website was introduced with the goal of informing shareholders about the corporate governance concerns pertaining to Bitfarms and Riot’s intentions to revamp their boards.
As a researcher, I’ve come across a newly established website aiming to generate backing for its proposed restructuring of Bitfarms’ board of directors. This platform serves as an open forum where shareholders can access information regarding the perceived governance issues at Bitfarms and Riot Blockchain’s intention to install new leadership.
In a recent statement, Riot announced its intention to restructure the Bitfarms board in the short term, aiming to address current issues and initiate constructive talks regarding potential acquisition. This change in approach follows Riot’s decision to withdraw its $2.30 per share offer for Bitfarms and instead pursue securing three board positions.
Three individuals with impressive backgrounds have been put forward by Riot for appointment as independent directors at Bitfarms: John Delaney, the previous mayor of Jacksonville; Amy Freedman, a former CEO of Kingsdale Advisors; and Ralph Goehring, a veteran financial executive from the energy industry.
Following Bitfarms’ rejected $950 million takeover offer, Riot is advocating for new leadership to facilitate productive discussions about the potential merger. Frustrated by what they believe to be insufficient governance hindering constructive dialogue, Riot is pushing for change to ensure a meaningful conversation can transpire.
The Riot Investment Trust, holding a significant 15% stake in Bitfarms, advocates for these board adjustments to optimally enhance shareholder worth and progress in merger discussions.
Andres Finkielsztain and Nicolas Bonta, current directors of Bitfarms, are set to be removed from their positions following a request made by Riot Platforms for a extraordinary shareholders’ assembly. In place of Finkielsztain and Bonta, new directors will be elected at Bitfarms.
Riot contends that the existing leadership has hindered merger talks and prevented Bitfarms from reaching its maximum capabilities. They advocate for new leadership to pave the way for fruitful merger negotiations.
Through their advocacy for these board modifications, Riot intends to bolster investor trust and infuse fresh perspectives to propel Bitfarms forward. They view the suggested board reconstruction as indispensable to their approach in acquiring new businesses.
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2024-07-08 20:52