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Bitcoin mining company Bitfarms has announced the date for a special shareholder meeting following Riot Platforms’ attempt to acquire its rival.
<a href="https://crypto.news/tag/bitfarms/" target="_blank" rel="noopener noreferrer nofollow">Bitfarms</a>, one of the largest Canadian crypto mining companies, has announced a special shareholder meeting for October 29, in response to a requisition submitted by its rival, <a href="https://crypto.news/tag/riot-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Riot Platforms</a>.
In a Friday press release, Bitfarms said its committee of independent directors reviewed Riot’s request with financial and legal advisors. Bitfarms is stressing the need for shareholders to have sufficient time to evaluate Riot’s proposal. The Bitcoin mining company says its shareholders eligible to vote at the meeting could do so starting from September 26.
You might also like: <a href="https://crypto.news/bitfarms-appoints-ben-gagnon-as-ceo-following-takeover-fiasco/" rel="noopener noreferrer nofollow"> Bitfarms appoints Ben Gagnon as CEO following takeover fiasco </a>
Bitfarms highlighted that despite holding its annual meeting on May 31 — a week after Riot offered the acquisition — Riot has yet to propose any new strategy for the company. The upcoming meeting will address this and other topics, including the approval of Bitfarms’ shareholder rights plan.
“The company remains committed to constructive engagement with all shareholders and remains hopeful that Riot will seek to constructively engage with the company so that Bitfarms need not expend its limited cash resources to protect the interests of its stakeholders against the actions of Riot,” Bitfarms added.
Earlier in April, Riot Platforms <a href="https://crypto.news/bitfarms-founders-may-not-be-acting-in-best-interests-of-shareholders/" target="_blank" rel="noopener noreferrer nofollow">proposed</a> acquiring Bitfarms for $950 million. However, Riot subsequently <a href="https://crypto.news/riot-requisitions-special-meeting-of-bitfarms-withdraws-950m-acquisition-proposal/" target="_blank" rel="noopener noreferrer nofollow">withdrew</a> its proposal, citing an inability to engage with Bitfarms’ current board on a potential merger.
Riot later <a href="https://crypto.news/riot-requisitions-special-meeting-of-bitfarms-withdraws-950m-acquisition-proposal/" target="_blank" rel="noopener noreferrer nofollow">called</a> for a special meeting of Bitfarms shareholders to overhaul the board, citing urgent governance concerns at the Toronto-headquartered rival.
Read more: <a href="https://crypto.news/riot-says-poison-pill-adopted-by-bitfarms-conflicts-with-legal-and-governance-standards/" rel="noopener noreferrer nofollow"> Riot says ‘poison pill’ adopted by Bitfarms conflicts with ‘legal and governance standards’ </a>

Bitfarms announces special meeting date

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