Bitfarms shareholders could soon vote on a Riot Platforms plan to replace three of the mining firm’s board members, including interim CEO Nicolas Bonta.
The mining firm said it intended to replace Bitfarms board members — including its interim CEO — with three people “completely independent” of both companies.
Riot Platforms, which has been attempting a takeover of Canadian mining firm Bitfarms, said it plans to replace three members of the company’s board of directors.to prevent it from acquiring more than 15% of its stock. Rather than continue purchasing Bitfarm shares, Riot planned to replace three of the company’s board members and “remove any additional director” appointed after its announcement.
“ is clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible,” said Riot. “Riot has informed the Bitfarms Board that it has formally withdrawn its previous proposal to acquire all Bitfarms common shares at a price of US$2.30 per share and stands ready to engage and negotiate with a reconstituted Bitfarms Board to pursue a mutually beneficial combination of Bitfarms and Riot.
The mining firm intended to replace the board members with three people “completely independent of Riot and Bitfarms” — John Delaney, Amy Freedman and Ralph Goehring. Bitfarms’ stock price on the Nasdaq has increased more than 36% in the last 30 days amid the takeover plans but dropped roughly 6% in the previous 24 hours. Cointelegraph reached out to Bitfarms for comment but did not receive any response at the time of publication.
The plan to overhaul the Bitfarms’ board was the latest development in Riot’s plans to move in on Bitfarms. In May, Riot offered tofor $950 million and began increasing its stake until Bitfarms implemented its ‘poison pill’ strategy, capping any holdings at 15%.
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