Bitcoin miner Riot Platforms (RIOT) has withdrawn its proposed acquisition of Bitfarms (BITF) and plans to restructure its board before pursuing further acquisitions. 😲

“Over the course of more than a year of trying to move forward constructively with the Bitfarms Board of Directors regarding the potential merger of Bitfarms and Riot, it has become clear to Riot that good faith negotiations will not be possible until there is actual change to the Bitfarms board,” Riot said. 🤔

The miner is nominating John Delaney, Amy Freedman and Ralph Goehring to replace current Bitfarms board members. Riot became Bitfarms' largest shareholder, owning 14.9% of the company. 😎

After submitting a hostile takeover bid, Riot offered to acquire Bitfarms by offering $2.30 per share. This offer was quickly rejected. However, Riot continued to buy its rival's shares to direct it to interest in the miner. In response, BItfarms implemented a shareholder rights plan, or “poison pill,” to deter Riot from acquiring the company. 😅

Riot has stated that it will pursue an acquisition attempt as the merger would create the world's largest publicly traded bitcoin miner "well positioned for long-term growth." 🚀

Bitfarms shares fell more than 6% on Monday, but the stock is trading above its $2.30-per-share buy offer, indicating traders still view BITF as a potential acquisition target. Riot shares fell slightly, as did bitcoin, which fell 3% in the last 24 hours. 😂

Waiting for your comments, do you think Riot will succeed in purchasing Bitfarms? 🤔#Riot#Bitfarms #Bitcoin