Bitfarms and Riot Platforms have settled their months-long dispute over Riot's takeover attempt. This development comes ahead of Bitfarms' Special Meeting of Shareholders on November 6.
Introduction to Settlement
On September 23, Riot Platforms Inc. and Bitfarms announced a settlement. This news comes before Bitfarms' special shareholders meeting scheduled for November.
Changes in Bitfarms' Board Structure
The agreement includes significant changes to Bitfarms' board structure. The company announced the appointment of Amy Freedman, who will replace Andres Finkielsztain. Riot may also purchase up to 15% of Bitfarms' shares.
Market and Future Actions
The dispute began with an unsolicited takeover attempt by Riot. They offered $950 million and tried to seize control by purchasing shares. Bitfarms rejected the offer and announced the acquisition of Stronghold Digital Mining for $164 million. Market optimism and the deal have led to rising stock values for both companies.
The settlement between Bitfarms and Riot Platforms marks a significant step in the strategic development of both companies. With the special shareholders meeting approaching, the market outlook remains positive for both parties.
Comments