News
Riot’s (RIOT) Acquisition Proposal “Significantly Undervalues” Bitfarms (BITF), Says Crypto Miner
Cryptocurrency miner Bitfarms (BITF) has rejected rival Riot Platforms’ (RIOT) takeover offer, saying it “significantly undervalues” the Canadian company.
A board committee that evaluated the approach “determined that it significantly undervalues the company and its growth prospects,” the Toronto-based company said Wednesday. “In order to advance discussions with Riot in a meaningful way, the committee requested customary confidentiality and non-solicitation protections to which Riot did not respond.”
Bitfarms also said it had hired investment bank Moelis as its financial advisor.