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Bitcoin mining company Bitfarms has set a date for a special shareholder meeting in response to an acquisition attempt by Riot Platforms.
Bitfarms Announces Special Shareholder Meeting
Bitfarms, one of Canada’s largest cryptocurrency mining companies, has scheduled a special shareholder meeting for October 29. This comes after a requisition from its competitor, Riot Platforms. The announcement, made in a recent press release, highlights the company’s commitment to giving shareholders ample time to evaluate Riot’s proposal. Shareholders eligible to vote can do so starting from September 26.
Reviewing Riot’s Acquisition Proposal
The committee of independent directors at Bitfarms, along with financial and legal advisors, has reviewed Riot’s acquisition request. Despite holding its annual meeting on May 31, a week after Riot’s initial offer, Bitfarms noted that Riot has not yet proposed any new strategy for the company. The upcoming meeting aims to address this and other important topics, including the approval of Bitfarms’ shareholder rights plan.
“The company remains committed to constructive engagement with all shareholders and remains hopeful that Riot will seek to constructively engage with the company so that Bitfarms need not expend its limited cash resources to protect the interests of its stakeholders against the actions of Riot,”
Background on Riot Platforms’ Acquisition Attempt
In April, Riot Platforms proposed acquiring Bitfarms for $950 million. However, the proposal was later withdrawn due to an inability to engage with Bitfarms’ current board on a potential merger. Riot has since called for a special meeting of Bitfarms shareholders to address governance concerns at the Toronto-headquartered company.
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