Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitfarms implements fresh poison pill strategy to fend off Riot Platforms takeover bid

Share This Post

Bitfarms has introduced a new shareholder rights plan — a so-called poison pill strategy — to thwart Riot Platforms’ takeover attempt, according to a July 24 statement.

The miner intends to issue new shares to dilute stakes if any entity, including Riot Platforms, acquires over 20% of its shares within the next six months. The move still requires shareholder ratification and approval from the Toronto Stock Exchange.

The firm’s board of directors unanimously approved the plan on July 24, after the Ontario Capital Markets Tribunal ordered the firm to end its initial poison pill strategy, which was implemented in June.

In June, Bitfarms adopted a poison pill strategy that would lead to the issuance of new shares if an entity acquired more than 15% of its shares.

However, Riot — which has purchased 14.9% of Bitfarms’ shares — challenged the poison pill plan at the Ontario tribunal and won a ruling in its favor.

Riot CEO Jason Les welcomed the decision, saying:

“The adoption of the off-market Poison Pill is yet another example of the broken corporate governance that plagues Bitfarms and of the ongoing attempts by the Bitfarms directors to entrench themselves. We appreciate that the Tribunal acted quickly and decisively to remove the Poison Pill.”

Riot has also called a shareholder meeting to remove Bitfarms’ founder from the board.

Shareholders protection

According to Bitfarms, the new shareholder rights plan aims to ensure fair treatment of shareholders in any future acquisition attempts. The firm added that the plan also protects against “creeping bids” — a situation where an entity accumulates a significant stake in its shares without a formal takeover bid.

Bitfarms further emphasized that the new plan is not a reaction to any specific acquisition proposal but seeks to ensure fair and equal treatment for all shareholders.

The development marks the latest in the ongoing takeover drama between Riot and Bitfarms. In May, Bitfarms rejected Riot’s $950 million acquisition bid and has since bolstered its board with the appointment of Fanny Philip and the elevation of Ben Gagnon to the CEO position.

The post Bitfarms implements fresh poison pill strategy to fend off Riot Platforms takeover bid appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Shows Signs Of A Trend Reversal With This Key Chart Pattern

Dogecoin may be gearing up for its next big move, and technical traders are starting to take notice After a period of consolidation and choppy price action, a potentially powerful pattern is

Bitcoin eyes $120,000 price zone as exchange flows, leverage surge

Bitcoin’s (BTC) on-chain activity has intensified as the asset consolidates near $108,000, with $120,000 emerging as the next major price zone of interest  Glassnode’s May 28 report highlighted

Bitcoin 2025 Conference Concludes on Thursday: Key Takeaway Points from High-profile Speakers

The post Bitcoin 2025 Conference Concludes on Thursday: Key Takeaway Points from High-profile Speakers appeared first on Coinpedia Fintech News The Bitcoin 2025 Conference, held at the Venetian

Drawing Parallel to Rothschilds, Michael Saylor Says Bitcoin Will Anchor Future ‘Cash’ Settlement

Michael Saylor, founder of business intelligence firm Strategy (formerly Microstrategy), predicted bitcoin will become the foundational network for settling global financial transactions, drawing a

XRP Marks Another Milestone As Dubai Brings $16 Billion In Real Estate Company To The Blockchain – Details

XRP has achieved another impressive milestone with the Dubai Land Department’s announcement of a $16 billion real estate tokenization project on the XRP Ledger (XRPL) This development has been

JD Vance declares ‘Operation Chokepoint 2.0’ dead, pledges crypto market clarity

US Vice President JD Vance on May 28 said Operation Chokepoint 20 is “dead,” using his address at the 2025 Bitcoin Conference in Las Vegas to declare the end of federal regulatory actions
You have not selected any currencies to display