Bitfarms, a Bitcoin mining company, recently addressed Riot’s request for an acquisition in a Friday press release. The company emphasized the importance of granting shareholders ample time to review and assess Riot’s proposal. Shareholders eligible to vote at the meeting will be able to do so from September 26, according to Bitfarms.
Despite holding its annual meeting on May 31, which occurred a week after Riot’s acquisition offer, Bitfarms highlighted that Riot has not yet introduced any new strategy for the company. Bitfarms plans to address this matter and other topics, including the approval of its shareholder rights plan, at the upcoming meeting. In the press release, Bitfarms expressed its commitment to engaging constructively with all shareholders and expressed hope that Riot would also seek constructive engagement.
It aims to avoid expending its limited cash resources to protect the interests of its stakeholders against the actions of Riot. Bitfarms’ committee of independent directors, along with financial and legal advisors, reviewed Riot’s request before making this announcement.
