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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.
Bitfarms, 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, Riot Platforms.
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.
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 proposed acquiring Bitfarms for $950 million. However, Riot subsequently withdrew its proposal, citing an inability to engage with Bitfarms’ current board on a potential merger.
Riot later called for a special meeting of Bitfarms shareholders to overhaul the board, citing urgent governance concerns at the Toronto-headquartered rival.