Bitfarms has scheduled a special shareholders’ meeting to address Riot Platforms’ takeover attempt. This article details the events leading up to the meeting and the potential implications for both companies.
Points
- Vote Date: Bitfarms schedules a special shareholders’ meeting to address Riot Platforms’ takeover attempt.
- Takeover Attempt: Overview of Riot Platforms’ efforts to gain control of Bitfarms.
- Shareholder Impact: Potential implications for Bitfarms’ shareholders and company management.
- Future Projections: Insights into the possible outcomes of the takeover bid.
Bitfarms has set a special meeting of shareholders for October 29, 2024, following Riot Platforms’ request to reshuffle Bitfarms’ board of directors. This meeting will consider Riot’s proposal to replace current board members with new candidates, bringing expertise in government affairs, corporate governance, and financial management.
Shareholders to Vote on Board Reconstitution
Riot Platforms has proposed John Delaney, Amy Freedman, and Ralph Goehring as new board members. Bitfarms established the record date for voting as September 26, 2024. A special committee of independent directors, along with financial and legal advisors, reviewed Riot’s requisition before deciding on the meeting.
“Today @Bitfarms_io announced a hybrid special shareholders’ meeting on October 29, 2024, following a requisition by @RiotPlatforms, on June 24, 2024. Detailed information will be provided to shareholders ahead of the meeting.”
Riot’s Persistent Takeover Efforts
Riot Platforms’ takeover attempts have intensified since April when they offered $950 million for Bitfarms. After Bitfarms’ board did not engage meaningfully, Riot withdrew its offer but continued to buy shares, becoming the largest shareholder with a 14.9% stake.
Bitfarms countered these efforts by adopting a “poison pill” strategy to prevent any entity from accumulating over 15% of its shares before September 10, increasing to 20% afterward. Riot aims to block Bitfarms’ shareholder rights plan at a hearing before the Ontario Securities Commission on July 22 and 23.
Conclusion
The upcoming shareholder meeting will be a crucial event for Bitfarms as it deals with Riot Platforms’ persistent takeover attempts. Shareholders will vote on the proposed board reconstitution, determining the future direction of the company.
解説
- Shareholder Meeting: Importance of the special meeting in addressing Riot Platforms’ takeover attempt.
- Board Reconstitution: Proposed new board members and their potential impact on Bitfarms.
- Takeover Strategy: Riot Platforms’ efforts and Bitfarms’ defensive measures.
- Future Projections: Potential outcomes of the shareholder vote and implications for Bitfarms’ management and shareholders.