Riot Platforms Pursues Takeover of Rival Bitcoin Miner Bitfarms.

Riot Platforms Inc. has made a $950 million offer to acquire Bitfarms Ltd., a smaller Bitcoin miner. Riot's offer consists of $2.30 per share in cash and stock, representing a 20% premium over Bitfarms' pre-offer trading price. Riot currently holds a 9.25% stake in Bitfarms and plans to call a vote to add directors to the Canadian company's board. This potential acquisition comes as the Bitcoin mining industry faces challenges due to a recent code update that will result in reduced revenue for miners. If the deal goes through, it would create the largest Bitcoin miner globally and significantly increase Riot's Bitcoin production. Bitfarms' shares rose 3.3% in Toronto, while Riot's shares rose 4% in New York. Bitfarms recently fired its interim CEO, and Riot plans to request a special meeting of shareholders to appoint new independent directors. [Extracted from the article]