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Bitfarms Adopts ‘Poison Pill’ After Riot Takeover Offer Turns Hostile
Bitcoin mining company Bitfarms Ltd. is adopting a “poison pill” shareholder rights plan as a defense after an unsolicited takeover offer by larger rival Riot Platforms Inc. A poison pill strategy is a measure used to prevent corporate takeovers by making a deal too expensive for the acquiring company. Under terms of the plan, if an entity acquires an equity stake of more than 15% by Sept. 10, Bitfarms will issue new stock to prior existing shareholders, diluting the stake of the entity pursuing a hostile takeover, Bitfarms said in a statement Monday. Riot Platforms made an unsolicited, $950 million offer in May ... (full story)
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- Posted: Jun 10, 2024 5:45pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 243
