Riot Platform, Largest Shareholder of Bitfarm Proposed Acquisition
The post Riot Platform, Largest Shareholder of Bitfarm Proposed Acquisition appeared on BitcoinEthereumNews.com.
The May 28 release not only reveals the acquisition proposal made to Bitfarms but also highlights the objective, impact, conditions, and criteria for the acquisition. Over this period, Riot Platform has accumulated a 9.25% stake in Bitfarms and became the largest shareholder to get involved in the decision-making process for the organization. Benjamin Yi, the executive chairman, has shared his optimism about the combined organization, stating, “A combination of Bitfarms and Riot would create the premier and largest publicly listed Bitcoin miner globally, with geographically diversified operations well-positioned for long-term growth.” Moreover, Jason Les, CEO of Riot Platform, took to his X account to share proposal details and further developments in the acquisition process as a thread to his announcement post. Key Information: https://t.co/C5MeNlw1Xz Today, @RiotPlatforms announced it has accumulated a 9.25% stake in @Bitfarms_io and made a proposal to the Bitfarms’ Board of Directors to acquire Bitfarms, which, if successful, would create the world’s largest publicly-traded Bitcoin… https://t.co/HZ9mjLy5Rl — Jason Les (@JasonLes_) May 28, 2024 Enclosures of Proposal The proposed plan represents a 24% premium to Bitfarms’ one-month volume-weighted average share price as of May 24, 2024. It will hold a 20% premium to Bitfarms’ share price on April 19, 2024, as it was the last day before the initial proposal to Bitfarms from Riot Platforms. The current proposal will cost around $950 Million to Riot Platforms in total equity value. The proposal considerations are designed in such a way that, in the combined organization, Bitfarms shareholders will own 17% of the company. How Bitfars Reacted to the Proposal After the initial proposal that was made on April 22, 2024, the Bitfarms Board rejected it without further discussion with Riot Platforms Ltd. During the same time, Bitfarms also terminated their CEO, Murphy, reportedly, and Nicolas Bonta, who is serving…
Filed under: News - @ May 29, 2024 11:10 pm