Bitcoin miner Riot Platforms attacks takeover target Bitfarms over poison pill

A worker checks the fan on a miner, at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada, February 2, 2018. REUTERS/Christinne MuschiRiot Platforms said Bitfarms' move to adopt a poison pill to thwart its acquisition by the bitcoin miner was"shareholder unfriendly" and highlighted the lack of solid corporate governance standards.

The dispute stems from an unsolicited offer Riot made in April to acquire Bitfarms for about $950 million. Bitfarms rebuffed the offer, saying it significantly undervalued the company, and approved a poison pill plan to prevent any attempts of a hostile takeover. The 15 per cent trigger"is in direct conflict with established legal and governance standards," Riot said on Wednesday.

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