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The company on Monday announced the adoption of a shareholder rights plan amid a recent takeover initiative from Bitcoin (BTC) miner Riot Platforms.
Bitcoin (CRYPTO: BTC) miner Bitfarms Ltd (NASDAQ:BITF) shares are trading lower after the company announced the adoption of a shareholder rights plan amid a recent takeover initiative from another Bitcoin miner, Riot Platforms Inc (NASDAQ:RIOT).
Here's what happened: Bitfarms announced on Monday that its board unanimously approved a shareholder rights plan designed to preserve the integrity of its previously announced strategic alternatives review process.
The announcement comes a day after Riot Platforms revealed that it had built a 12% stake in Bitfarms as it continues to pursue a potential takeover.
Bitfarms previously initiated a strategic alternatives review process to consider continuing to execute on the company’s business plan, a business combination or other strategic transaction or a sale of the company following a takeover attempt from Riot.
The special committee ultimately determined that Riot’s offer “significantly undervalued” the company.
Under terms of the new plan, if Riot or another entity builds a stake of more than 15% in the company between June 20 and Sept. 10, Bitfarms will issue new shares, diluting the stake of Riot or other entity pursuing a hostile takeover.
The rights will trade on the Nasdaq under the symbol "BITFR."
Riot has been building a stake in Bitfarms as it looks to acquire the company in a hostile takeover. Riot made an initial takeover offer of $1.09 billion in May, which Bitfarms quickly rejected.
Following the rejection, Riot announced it would continue to build its stake in Bitfarms and pursue a hostile takeover.
Bitfarms shares were down 5.42% at $2.27 at the time of publication, according to Benzinga Pro.
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