Bitfarms postpones shareholder meeting in response to Riot request

Bitfarms has rescheduled its special shareholder meeting in response to recent developments at Riot Platforms.

The rescheduling will give the Bitfarms Special Committee time to review and respond to the latest request from Bitcoin (BTC) miner Riot, Bitfarms said in a press release.

Bitfarms postpones special meeting until November

Riot Platforms is a major shareholder in Bitfarms, and its attempts to acquire its smaller rival have so far been unsuccessful.

When Riot withdrew its $950 million acquisition offer in July, the move was accompanied by a request for a special meeting to initiate changes to Bitfarms’ board. The miner recently changed its request to target the special meeting, which was previously scheduled for October 29.

Control of the board is currently a major sticking point in the saga. Bitfarms claims the board’s actions are in the best interests of all BITF shareholders, while accusing Riot of focusing solely on its own interests and those of its shareholders rather than Bitfarms’.

One of the proposals that the Bitfarms Special Committee wants to consider to protect its own interests and the interests of its shareholders is to increase the number of board candidates from five to six.

Bitfarms postponed the meeting to November 6 to discuss the issue.

A purchasing saga

Bitcoin miners Bitfarms and Riot Platforms have entered one of the longest-running acquisition wars in the crypto space. It’s been there — from Bitfarms’ ‘poison pill’ approach to Riot’s latest warning against consolidating control.

Meanwhile, Riot increased its stake in Bitfarms, while Bitfarms also attempted to strengthen its stake by striking a deal to acquire Stronghold Digital.

Bitfarms, in its latest takeover bid comment, questioned Riot Platforms’ board of directors candidates. According to the miner, Riot Platforms is looking at governance as a tactic to seize control.