Tuesday, May 28, 2024 8:54:50 AM
Riot Platforms (RIOT) announced that it has made a proposal to the Bitfarms Board of Directors to acquire all of the outstanding shares of Bitfarm (BITF) at a price o $2.30 per Bitfarms common share . Riot also announced that it has accumulated a 9.25% stake in Bitfarms to become Bitfarms' largest shareholder. The Proposal represents a 24% premium to Bitfarms' one-month volume-weighted average share price as of May 24 Further, it represents a 20% premium to Bitfarms' share price on April 19 the last day of trading prior to Riot's initial proposal to the Bitfarms Board.
The Proposal represents approximately $950M in total equity value. The consideration offered to Bitfarms' shareholders under the Proposal consists of cash and Riot common stock and would result in Bitfarms' shareholders owning up to approximately 17% of the combined company. This cash and stock Proposal would provide Bitfarms' shareholders with a substantial premium and immediate cash value, as well as significant potential for future value creation through participation in a financially and commercially stronger company with a well-defined strategy, led by an established and proven management team.
This cash and stock Proposal would provide Bitfarms' shareholders with a substantial premium and immediate cash value, as well as significant potential for future value creation through participation in a financially and commercially stronger company with a well-defined strategy, led by an established and proven management team
What a Joke of an offer , The Farm is Worth way More , and Debt Free , F rIot
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