TechFlow news, according to Bloomberg, citing sources familiar with the matter, Bitcoin mining firm Riot Platforms Inc. has acquired a 9.25% stake in Bitfarms Ltd. and plans to make a public takeover bid for the smaller Bitcoin miner, after Bitfarms rejected Riot's acquisition offer last month.
Riot proposed acquiring Bitfarms at $2.30 per share in cash and stock, implying an equity value of $950 million. The individuals requested anonymity because the details have not yet been made public.
Sources said Riot believes recent management changes at Bitfarms indicate corporate governance issues, and the company also plans to call for a vote to increase the board of directors at the Canadian firm.
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