The post Bitfarms Addresses Riot’s Misleading Claims Amid Acquisition Talks appeared on BitcoinEthereumNews.com.

Peter Zhang Sep 05, 2024 02:53 Bitfarms responds to Riot’s claims, emphasizing its commitment to shareholder value and strategic acquisitions. Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent Bitcoin (BTC) data center operator, has issued a statement addressing what it describes as misleading claims made by Riot Platforms, Inc. (NASDAQ: RIOT). The statement comes amid ongoing acquisition discussions, according to GlobeNewswire. Bitfarms’ Position on Riot’s Claims Bitfarms clarified that the upcoming special meeting is not about corporate governance, as Riot has suggested, but is instead an attempt by Riot to acquire Bitfarms at a discounted price. Bitfarms accused Riot of refusing to engage constructively, including declining to enter a non-disclosure agreement or provide a revised proposal for consideration. Bitfarms stated that Riot’s public actions are aimed at benefiting Riot shareholders at the expense of Bitfarms shareholders. Recent Leadership and Strategic Moves Bitfarms emphasized that its recent board and leadership changes were made independently of Riot’s influence, aiming to enhance shareholder value. The company highlighted its team’s expertise and strategic planning capabilities, contrasting this with Riot’s proposed board nominees, whose potential contributions remain unclear. Strategic Acquisition of Stronghold Bitfarms also addressed its proposed acquisition of Stronghold, aimed at diversifying its energy portfolio towards the U.S. The transaction is expected to add up to 307 MW of power capacity, positioning Bitfarms to increase its energy portfolio to over 950 MW by the end of 2025, with nearly 50% located in the U.S. This move aligns with Bitfarms’ strategy to leverage operational expertise and proprietary data analytics to optimize Stronghold’s sites. Focus on Shareholder Value The Bitfarms board and management team reiterated their commitment to enhancing shareholder value through strategic transactions and operational improvements. The company assured shareholders that no immediate action is required in response to Riot’s amended requisition proposal, which will be considered…

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Filed under: News - @ September 5, 2024 3:06 am