Bitcoin miner Riot Platforms said on Tuesday it had increased its stake in rival Bitfarms to 18.9 per cent.Riot acquired 1 million common shares of Bitfarms on Tuesday, representing about 0.22 per cent of issued and outstanding Bitfarms common stock.
FILE PHOTO: A wall of miners, seen at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada, February 2, 2018. Picture taken February 2, 2018. REUTERS/Christinne Muschi/File PhotoRiot acquired 1 million common shares of Bitfarms on Tuesday, representing about 0.22 per cent of issued and outstanding Bitfarms common stock.
The two companies have been locked in a dispute since April, when Riot made an unsolicited $950-million offer to acquire Canada-based Bitfarms. Bitfarms said the bid undervalued it significantly and adopted a"poison pill" to fend off any attempt at a hostile takeover. A poison pill refers to shareholder rights plans used by corporate boards to thwart hostile takeover bids.
Riot withdrew its offer at the time, but is now seeking three seats on the Bitfarms board and has said it is"ready to engage" with the reconstituted board on a potential transaction. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.
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