TechFlow reported, according to Cointelegraph, that Bitcoin mining company Bitfarms has appointed Fanny Philip as an independent director in an effort to block Riot Platforms' "hostile takeover."
Earlier report, Riot Platforms proposed acquiring all shares of Bitfarms at $2.30 per share but withdrew the offer due to difficulties collaborating with the current board. Riot currently holds 14.9% of Bitfarms' shares and has attempted to increase its stake above 15%, which was blocked by the board. With Philip's addition, four members of Bitfarms' board are now independent directors, while the three new directors proposed by Riot are entirely independent of both Riot and Bitfarms.
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