TechFlow news, according to Coindesk, bitcoin mining company Riot Platforms (RIOT) has announced it is abandoning its bid to acquire peer Bitfarms (BITF), and plans to restructure Bitfarms' board before making further acquisition attempts. In a press release, Riot stated that after more than a year of effort, it believes good-faith negotiations cannot be achieved without substantial changes to the Bitfarms board. Riot has nominated John Delaney, Amy Freedman, and Ralph Goehring to replace current Bitfarms board members, and is calling for a special meeting to remove incumbent chairman and interim CEO Nicolas Bonta and other directors.
Riot previously proposed acquiring Bitfarms at $2.30 per share, but was rejected. Riot continued purchasing Bitfarms shares to pressure the board, while Bitfarms implemented a "poison pill" defense to block the takeover. Riot said it remains committed to pursuing the acquisition, arguing that a merger would create the world's largest publicly traded bitcoin mining company. Following the news, Bitfarms' stock dropped over 6%, while Riot's shares also declined.
