Bitcoin mining company Bitfarms has set a date for a special shareholder meeting in response to a takeover attempt by its rival, Riot Platforms. The meeting is scheduled for October 29, following Riot’s requisition submission.
Bitfarms, a major Canadian crypto mining company, announced the special meeting after reviewing Riot’s request with financial and legal advisors. Shareholders will have the opportunity to vote on Riot’s proposal starting from September 26. Despite holding its annual meeting shortly after Riot’s acquisition offer, Bitfarms noted that Riot has not presented any new strategies for the company.
The upcoming meeting will address various topics, including the approval of Bitfarms’ shareholder rights plan. Bitfarms emphasized its commitment to engaging with all shareholders and expressed hope for constructive dialogue with Riot to avoid unnecessary expenses in protecting stakeholders’ interests.
Riot Platforms had initially proposed acquiring Bitfarms for $950 million in April but later withdrew the offer due to difficulties in discussing a potential merger with Bitfarms’ board. Riot subsequently called for a special meeting of Bitfarms shareholders to address governance concerns at the Toronto-based company.