Bitcoin mining giant Riot Platforms has unveiled a decisive strategy to advance its acquisition of Bitfarms. In its latest move, Riot launched a dedicated website to educate shareholders about Bitfarms’ corporate governance issues and its plans to reconstitute the board.

Notably, this marks a significant shift in Riot’s approach to the acquisition, focusing on boardroom changes to facilitate a potential merger.

Riot Advances With Boardroom Overhaul Plan

Riot Platforms recently launched the website “www.ABetterBitfarms.com”, aimed at rallying support for its proposal to overhaul Bitfarms’ board of directors. The site serves as a platform for shareholders to learn about the perceived governance failures at Bitfarms and Riot’s plan to introduce fresh leadership.

Meanwhile, according to Riot’s press release, the goal is to reconstitute the board to address these issues and pave the way for a constructive dialogue on the potential acquisition. Notably, the crypto mining firm has nominated three independent directors: John Delaney, a former Jacksonville mayor; Amy Freedman, ex-CEO of Kingsdale Advisors; and Ralph Goehring, a former CFO in the energy sector.

Riot believes these candidates will bring much-needed corporate governance expertise and new perspectives to Bitfarms. This strategy comes after Riot withdrew its $2.30 per share bid and instead focused on gaining three board seats to influence the direction of the company.

Meanwhile, Riot’s bold move follows its earlier $950 million acquisition offer for Bitfarms, which was rejected. Frustrated by what it describes as poor governance that blocks productive discussions, Riot is now pushing for changes in leadership to ensure a serious dialogue about the merger can take place.

Riot’s Investment Trust, which holds a 15% stake in Bitfarms, has been vocal about the need for these board changes to unlock shareholder value and advance merger discussions.

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A Closer Look Into The Report

Riot has previously called for a special shareholders’ meeting at Bitfarms to discuss governance changes, including a vote to remove Chairman Nicolas Bonta and director Andrés Finkielsztain. This meeting will also address the appointment of new directors proposed by Riot.

Meanwhile, the Bitcoin miner has criticized the current Bitfarms leadership for their handling of corporate governance, accusing them of failing to unlock the company’s value and obstructing productive merger talks. In addition, the firm argues that new leadership is essential to foster a constructive environment for acquisition discussions.

By advocating for these changes, Riot aims to restore shareholder confidence and introduce new ideas to drive Bitfarms forward. The proposed board changes are crucial for Riot’s acquisition strategy, as they believe that a reconstituted board will be more receptive to their merger proposals.

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