07:41 AM EDT, 06/13/2024 (MT Newswires) -- Bitfarms ( BITF ) late Wednesday accused Riot Platforms ( RIOT ) of seeking to "undermine the integrity" of the company's ongoing strategic review, saying in a statement that its unsolicited buyout proposal "significantly undervalues Bitfarms ( BITF ) and is not in the best interest of shareholders."

While the company said a special committee formed to review the company's options welcomed Riot's interest in the firm, "it is clear that Riot's interests are not aligned with those of Bitfarms ( BITF ) shareholders."

Riot Platforms ( RIOT ) on Wednesday accused fellow cryptocurrency mining company Bitfarms ( BITF ) of violating industry standards by instituting a shareholder rights plan, or "poison pill," that obliges any entity that accumulates more than a 15% stake in the company to make a takeover offer for the whole firm.

"Riot's comments make clear their frustration lies in no longer being able to tilt the scale towards their opportunistic non-binding offer, cloaked in vague concerns about corporate governance," said Bitfarms ( BITF ).

Riot did not immediately reply to MT Newswires' request for comment.

Price: 2.4500, Change: +0.02, Percent Change: +0.82