Bitfarms responds to the acquisition proposal made by Riot Platforms, and a strategic alternatives process is underway

ChainCatcher news, Canadian Bitcoin mining company Bitfarms responded to the acquisition proposal initiated by Riot Platforms, in which Riot intends to acquire 100% of Bitfarms' common stock at a price of $2.30 per share, consisting of cash and Riot common stock.

Bitfarms stated that the special committee of the board, composed solely of independent directors, carefully considered the proposal and determined that it severely undervalues the company and its growth prospects. To advance discussions with Riot in a meaningful way, the special committee requested customary confidentiality and non-solicitation protections, but Riot did not respond.

After receiving additional unsolicited letters of intent, each additional party signed customary confidentiality agreements, and the special committee is conducting a thorough review of strategic alternatives to ensure the maximization of shareholder value. These alternatives may include continuing to execute the company's business plan, strategic business combinations, or other strategic transactions or the sale of the company.