June 12 (Reuters) - Riot Platforms ( RIOT ) said

Bitfarms' ( BITF ) move to adopt a poison pill to thwart its

acquisition by the bitcoin miner was "shareholder unfriendly"

and highlighted the lack of solid corporate governance

standards.

Riot said on Wednesday it had privately urged Bitfarms ( BITF ) to

remove its chairman and interim CEO, Nicolas Bonta, and add at

least two new independent directors to its board.

The dispute stems from an unsolicited offer Riot made in

April to acquire Bitfarms ( BITF ) for about $950 million. Bitfarms ( BITF )

rebuffed the offer, saying it significantly undervalued the

company, and approved a poison pill plan to prevent any attempts

of a hostile takeover.

Under the plan, if an entity takes more than 15% stake in

the company after June 20 and up to Sept. 10, Bitfarms ( BITF ) will

issue fresh shares to other stockholders, diluting the entity's

stake.

The 15% trigger "is in direct conflict with established

legal and governance standards," Riot said on Wednesday.

"We will continue to push to address the serious corporate

governance issues at Bitfarms ( BITF ) and ensure that shareholders have

a say on the company's path forward," Riot CEO Jason Les said.

Bitfarms ( BITF ) did not immediately respond to a Reuters request

for comment.

Separately, Riot disclosed in a regulatory filing it had

raised its stake in Bitfarms ( BITF ) to 13.1% from 12% earlier this

month. The company is Bitfarms' ( BITF ) largest shareholder, according

to LSEG data.

Shares of both Riot and Bitfarms ( BITF ) have been hammered so far

this year, dropping 35% and 19%, respectively, despite a wave of

optimism in the crypto industry due to the approval of

exchange-traded funds tied to the spot price of bitcoin.