Riot Platforms and Bitfarms Ltd. have announced a settlement regarding the hostile takeover bid. After months of intense negotiations, the companies reached a compromise affecting investors with $180 mln at stake. Riot now owns 19.9% of Bitfarms' shares, representing a significant portion of the company's business.
Under the terms of the agreement, Riot has agreed to withdraw its requisition for a special shareholder meeting scheduled for November 6, 2024. Bitfarms will expand its board of directors from 5 to 6 members, allowing for better representation of all shareholders' interests.
Analysts expect that this settlement will stabilize stock prices for both companies and strengthen their positions in the Bitcoin mining market. The agreement impacts over 90 million shares of Bitfarms and could be a turning point in the industry.
