Bitfarms said on May 29 that it rejected Riot Platform’s unsolicited acquisition proposal because the offer undervalued the company.
The proposal, received on April 22, offered $2.30 per common share in a mix of cash and Riot common stock — amounting to a $950 million offer.
Bitfarms’ Special Committee of Independent Directors reviewed the offer and concluded it undervalued the company’s growth prospects.
Controversy
The proposal came at a complex time for Bitfarms, which is conducting a CEO search following the abrupt termination of its former CEO, Geoffrey Morphy, on May 13.
Morphy, who joined Bitfarms in 2020 and became CEO in 2022, has filed a lawsuit against the company, claiming $27 million in damages for breach of contract and wrongful dismissal.
The legal dispute has added uncertainty to the executive transition, but Bitfarms’ Chairman and Co-Founder, Nicolas Bonta, has stepped in as interim President and CEO until a permanent replacement is found.
Riot Platforms said
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