Riot Platforms, in its bid to take over Canadian mining company Bitfarms, announced plans to replace three members of the board. Holding a 14.9% stake in Bitfarms, Riot's takeover efforts were hindered by Bitfarms' shareholder rights plan limiting ownership to 15%. Instead of acquiring more shares, Riot aimed to change board members and withdraw its acquisition proposal. Bitfarms, in response, expressed disappointment at Riot's actions, accusing them of undermining the process. The mining firm also criticized Bitfarms' board for not engaging constructively and mishandling the CEO succession. With the potential removal of interim CEO Nicolas Bonta, Riot's move to revamp Bitfarms' board signifies a significant development in the ongoing battle. Despite Bitfarms' stock price fluctuations, the conflict between the two entities continues to escalate, showcasing the intense competition within the cryptocurrency mining sector. Read more AI-generated news on: https://app.chaingpt.org/news