Bitcoin miner Riot Platform said it bought another 1,432,063 Bitfarms shares, or about $3.87 million, for about $2.70 each. Riot currently holds 57.62 million shares in Bitfarms, or about 14 percent. This is the latest move by Riot to acquire Bitfarms in a hostile bid. Last month, Riot Platforms attempted to acquire Bitfarms for about $950 million.
On Wednesday, the CEO of Riot Platforms criticized Bitfarms' latest plan to block the acquisition. Riot Platforms CEO Jason Les said in a statement that Bitfarms did not engage with us privately and in good faith, but responded by implementing an off-site poison pill program with a trigger point well below the usual 20% threshold.
Earlier this week, Bitfarms adopted a "poison pill" strategy to block a possible takeover. The poison pill strategy is designed to reduce the company's attractiveness and/or dilute the acquirer's ownership of the acquisition target
Riot Platforms increases stake in Bitfarms to 14%
2024-06-14 00:38:50
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