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Bitfarms to adopt 'poison pill' amid Riot takeover attempt

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Bitcoin miner Bitfarms said on Monday it had approved the adoption of a "poison pill" to fend off a potential hostile takeover attempt by rival Riot Platforms. The move comes days after Riot Platforms disclosed it had built a 12 per cent stake in Bitfarms as it pursues a takeover attempt.

FILE PHOTO: A wall of miners, seen at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada, February 2, 2018. REUTERS/Christinne MuschiBitcoin miner Bitfarms said on Monday it had approved the adoption of a"poison pill" to fend off a potential hostile takeover attempt by rival Riot Platforms.

Bitfarms said the shareholder rights plan aimed to preserve the integrity of its previously announced strategic alternatives review process. Under Bitfarm's plan, if an entity accumulates more than 15 per cent of Bitfarms' stake after June 20 and up to Sept. 10, the company would issue fresh shares, diluting the entity's stake.

 

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