Investing.com -- Riot Platforms' (NASDAQ:RIOT) proposed takeover of rival Bitfarms (NASDAQ:BITF) "makes a lot of sense" for the crypto miner "strategically and financially," analysts at JPMorgan have said.
CASTLE ROCK, Colo., May 29, 2024--Riot Platforms, Inc. ("Riot") issues this press release pursuant to Part 3 of Canadian National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and Part 5 of Canadian National Instrument 62-104 – Take-Over Bids and Issuer Bids in respect of Bitfarms Ltd. (the "Company").
CASTLE ROCK, Colo., May 28, 2024--Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or the "Company") today announced that it has made a proposal to the Bitfarms Board of Directors (the "Bitfarms Board") to acquire all of the outstanding shares of Bitfarms Ltd. (NASDAQ/TSX: BITF) ("Bitfarms") at a price of US$2.30 per Bitfarms common share (the "Proposal"). Riot also announced that it has accumulated a 9.25% stake in Bitfarms to become Bitfarms’ largest shareholder.