On September 23, 2024, Riot Platforms announced a settlement agreement with Bitfarms Ltd., ending Riot's unsolicited bid to acquire the company. As part of the agreement, Riot withdrew its request for a special shareholders' meeting, and Amy Freedman joined Bitfarms' Board of Directors as Andrés Finkielsztain resigned.
The agreement enables Freedman to join key committees and any future special committees of independent directors. Though Riot will monitor its Bitfarms stake, no immediate takeover plans are in place.
Previously, Riot made an unsolicited $950 million offer to acquire Bitfarms and escalated its stake to 19.9%, causing Bitfarms to implement a 'poison pill' strategy to prevent a hostile takeover. This measure allowed Bitfarms to explore strategic alternatives.
Despite the settlement, Riot may reconsider its stake in the future, with potential for new proposals based on Bitfarms' performance and market conditions. Currently, both companies focus on their strategies. Bitfarms' stock was trading at $2.05, reflecting a 2.05% increase, but has seen a year-to-date decline of 27.82%.
