Bitcoin mining companies Riot Platforms Inc. and Bitfarms have finally come to an agreement after a period of tense negotiations stemming from Riot’s attempted takeover bid. The resolution was reached prior to a crucial Special Meeting of Bitfarms Shareholders scheduled for Nov 6. Both firms’ stock prices have improved, with potential movements in other stocks anticipated by market participants.
The settlement, as announced on Sept 23 by Riot Platforms Inc. and Bitfarms, paves the way for a resolution to Riot’s prolonged takeover bid. Key changes to Bitfarms’ Board structure were agreed upon, marking a significant step forward. This agreement involved the resignation of Andres Finkielsztain from the Board, the appointment of Amy Freedman, and various other committee assignments. Riot, on its part, will withdraw its previous requisition and uphold a pause until the Bitfarms 2026 annual meetings. Additionally, Riot retains the option to acquire shares in Bitfarms up to 15%.
Following the failed hostile takeover attempt and subsequent clashes between the two companies, Riot initially sought to acquire Bitfarms for $950 million before proceeding with the acquisition of Bitfarms’ stock to gain control. Bitfarms, a prominent Canadian mining company, rebuffed Riot’s advances, criticizing the lack of constructive engagement.
In response, Bitfarms pursued an acquisition of Stronghold Digital Mining in a deal worth $164 million. As a result of the agreement between Riot and Bitfarms, both companies’ stock prices are on the rise, reflecting positive market sentiment. Bitfarms’ stock, BITF, is currently trading at $2.05, showing a 2.5% increase over the last 24 hours.
The original article can be found on CoinGape: [Riot Platforms & Bitfarms Announce Settlement, Stock Price Jump Inbound?](https://coingape.com/riot-platforms-bitfarms-announce-settlement-stock-price-jump-inbound/)