03:59 PM EDT, 06/24/2024 (MT Newswires) -- Bitfarms ( BITF ) , a vertically integrated Bitcoin company, on Monday said it received a shareholder meeting requisition from Riot Platforms as that company looks gain control of the Bitfarms' ( BITF ) board.

Bitfarms ( BITF ) previously rejected a US$2.30 unsolicited takeover offer from Riot, arguing the offer undervalued the company, but Riot has steadily increased its stake in Bitfarms ( BITF ) and earlier this month said it controlled a 14% stake.

Bitfarms ( BITF ) said it is continuing a strategic review of its operations being carried out by a board committee, but again rejected Riot's offer.

"The Special Committee determined that Riot's April 22, 2024 proposal of $2.30 per share (which represents a 22% discount to Bitfarms ( BITF ) closing price as of June 21, 2024) significantly undervalued the company and offered to enter into a confidentiality and standstill agreement with Riot and provide additional information about the company so that Riot could improve its proposal ... The Special Committee is disappointed that Riot declined to engage constructively and participate in the process, and instead has continued to take steps to attempt to undermine the integrity of the process and harm the interests of other Bitfarms ( BITF ) shareholders," the company said.

Bitfarms ( BITF ) said it remains committed to constructive engagement with all shareholders and will review the requisition and provide an update in due course.

Bitfarms ( BITF ) shares were last seen down $0.36 to $3.69 on the Toronto Stock Exchange.

Price: 3.66, Change: -0.39, Percent Change: -9.63