Bitfarms Says Riot Bid 'Significantly Undervalues' Crypto Miner, Is Exploring Options
Summary
Crypto miner Bitfarms has rejected a takeover bid from rival Riot Platforms, stating that the offer significantly undervalues the company. Riot had proposed to buy Bitfarms for $2.30 per share, a deal that would have resulted in the world's largest bitcoin miner. Bitfarms revealed that it had received other unsolicited expressions of interest and requested confidentiality and non-solicitation protections from Riot, which Riot did not respond to. Bitfarms has hired investment bank Moelis as a financial adviser. Following the news, Bitfarms' shares rose nearly 5% to $2.31 in early trading on Wednesday.
