According to TechFlow, Coindesk reported that Bitcoin mining company Riot Platforms (RIOT) announced that it has abandoned its proposal to acquire its peer Bitfarms (BITF) and plans to reorganize the board of directors of Bitfarms before making further acquisition attempts. Riot stated in a press release that after more than a year of efforts, Riot believes that it is impossible to reach a good faith negotiation before the Bitfarms board of directors makes substantial changes. Riot nominated John Delaney, Amy Freedman and Ralph Goehring to replace the current Bitfarms board members and called for a special meeting to remove the current chairman and interim CEO Nicolas Bonta and other directors.
Riot previously proposed to acquire Bitfarms for $2.30 per share, but was rejected. Riot continued to buy Bitfarms shares to pressure the board, and Bitfarms implemented a "poison pill plan" to prevent the acquisition. Riot said it would continue to pursue the acquisition, believing that the merger would create the world's largest publicly traded Bitcoin mining company. Influenced by this news, Bitfarms' stock price fell by more than 6%, while Riot's stock price also fell.
