OSC Orders Suspension of Bitfarms' 'Poison Pill' Amid Riot Blockchain Takeover Attempt
CryptoNewsTerminal Staff24 Jul, 2024
OSC Orders Suspension of Bitfarms' 'Poison Pill' Amid Riot Blockchain Takeover Attempt
Bitfarms' "poison pill" strategy, implemented to deter a takeover bid by cryptocurrency miner Riot Blockchain, has been halted by the Ontario Securities Commission (OSC). The OSC's order immediately suspends the operation of Bitfarms' poison pill. Riot Blockchain holds a 12% stake in Bitfarms and offered to acquire all outstanding shares for $950 million, but Bitfarms rejected the offer, claiming it was not in the best interests of shareholders. Bitfarms' poison pill would have diluted the company's shares if Riot increased its stake beyond 15%. The OSC's intervention paves the way for Riot Blockchain's potential acquisition of Bitfarms.