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Update 2:55 p.m.: Add Bitfarms answer, update shares.
Riot platforms (NASDAQ: UNREST) withdrew its $2.30 per share offer for Bitfarms (NASDAQ:BITF) and is now seeking three board seats as it looks to acquire the bitcoin miner.
Riot, which made a $950 million offer for smallest bitcoin miner last month that was rejected, has withdrawn the offer because it believes it needs changes in the Bitfarms boardroom (BITF) in order to enter into negotiations, according to a Monday statement.
“Riot remains fully committed to completing a transaction with Bitfarms,” Riot said in the statement. “However, it is clear that collaborating with the current Bitfarms Board on a potential combination is simply not possible.”
Riot, which has a nearly 15% stake in Bitfarms (BITF), called a special meeting and nominated three candidates for the board, including John Delaney, former mayor of Jacksonville, Florida; Amy Freedman, former CEO of Kingsdale Advisors, and Ralph Goehring, former CFO of an energy company at companies including Bonanza Creek Energy and Berry Petroleum.
Bitfarms (BITF) has 21 days to schedule the special meeting.
Bitfarms (BITF) confirmed that it received a shareholder meeting request from Riot.
“The Special Committee is disappointed that Riot has refused to engage constructively and in the process and has instead continued to take steps to attempt to undermine the integrity of the process and harm the interests of other Bitfarms shareholders,” Bitfarms said. in a statement on Monday. “The Board and Special Committee remain committed to achieving the best outcome for all Bitfarms shareholders.”
News of the withdrawn offer was previously reported by Bloomberg.
Bitfarms (BITF) fell 8.7%while Riot (RIOT) fell 3.5%.
