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Bitfarms’ Poison Pill Draws Fire from Riot Platforms

Published 06/13/2024, 07:34 PM
Updated 06/13/2024, 08:15 PM
Bitfarms’ Poison Pill Draws Fire from Riot Platforms
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  • Riot Platforms (NASDAQ:RIOT) criticizes Bitfarms’ adoption of the Poison Pill, which the former described as an unfriendly shareholder rights plan.

  • The plan imposes certain restrictions on the acquisition of Bitfarms’ shares.

  • As per Riot’s statement, the Poison Pill highlights a lack of solid corporate governance standards.

Riot Platforms, a major North American Bitcoin mining company, has sharply criticized rival Bitfarms for adopting a “poison pill” strategy to thwart potential takeovers. Riot alleges the move reflects poor corporate governance and disregards shareholder interests.

According to Riot Platform’s press release, Bitfarms’ plan, now in effect, imposes certain restrictions on the acquisition of the company’s shares. Specifically, Bitfarms seeks to block any shareholder from acquiring 15% or more of the company’s common shares without a formal takeover bid for all of the company’s shares.

The post Bitfarms’ Poison Pill Draws Fire from Riot Platforms appeared first on Coin Edition.

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