Bitcoin miner Riot seeks to acquire rival Bitfarms
2024-05-28 11:55:27
Riot Platforms Inc. has acquired a 9.25 percent stake in Bitfarms Ltd. and plans to make a public offer for the smaller bitcoin miner, according to people familiar with the matter, who last month rejected Riot's takeover offer. Riot is offering to buy Bitfarms for $2.30 a share in cash and stock, equivalent to $950 million in equity value, the people said, speaking on condition of anonymity because details have not been made public. Riot believes recent management changes at Bitfarms point to problems with corporate governance, and plans to call for a vote on adding directors to the Canadian company, the people said.
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