Bitcoin Miner Riot Platforms Ditches Bitfarms Takeover Bid, Seeks to Overhaul Board

Bitcoin miner Riot Platforms dropped its proposal to buy peer Bitfarms and is looking to overhaul the board before engaging in further takeover attempts.

The miner is nominating John Delaney, Amy Freedman and Ralph Goehring to replace the current Bitfarms board members. The hostile takeover bid became public last month after Riot offered to buy Bitfarms for $2.30 per share, an approach that was. Riot continued to buy its rival's shares to exert pressure on the board to engage with the miner. Subsequently, BItfarms implemented a shareholder rights plan or"poison pill" to deter Riot from buying the company.

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