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Bitfarms Says Riot Bid ‘Significantly Undervalues’ Crypto Miner, Is Exploring Options

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Bitfarms rejected Riot Platforms’ unsolicited $2.30 per share takeover bid as undervaluing the crypto miner.

The corporate stated it employed funding financial institution Moelis to function a monetary adviser in coping with extra expressions of curiosity it has obtained.

Crypto miner Bitfarms’ (BITF) rejected rival Riot Platforms’ (RIOT) takeover bid, saying it “considerably undervalues” the Canadian firm.

Riot on Tuesday stated it submitted an unsolicited proposal to purchase Bitfarms for $2.30 per share in a deal that might create the world’s largest bitcoin miner.

Bitfarms stated the provide was unsatisfactory and that it had obtained extra unsolicited expressions of curiosity from different events.

A committee of the board contemplating the method “decided it considerably undervalues the corporate and its development prospects,” the Toronto-based agency stated Wednesday. “With the intention to advance discussions with Riot in a significant method, the committee requested customary confidentiality and non-solicitation protections to which Riot didn’t reply.”

Bitfarms additionally stated it employed funding financial institution Moelis to function a monetary adviser.

BITF shares rose almost 5% to $2.31 throughout early buying and selling on Wednesday.

Learn Extra: Bitcoin Miners Should Optimize to Survive

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