Bitfarms has rejected a $950 million takeover bid from Riot Platforms, deeming it undervalued and not in the best interest of shareholders. Riot's proposal involved acquiring Bitfarms at its one-month volume-weighted average share price. Bitfarms’ stakeholders were displeased with the offer, which would result in a significant stake relinquishment. The special committee highlighted that Riot’s acquisition strategy undermines Bitfarms’ corporate governance. Despite Riot already holding a 13.1% stake, Bitfarms adopted a shareholder rights plan to thwart unsolicited takeovers, emphasizing its commitment to protecting shareholder value.
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