July 24 (Reuters) - Bitcoin miner Riot Platforms ( RIOT )

said on Wednesday a Canada-based tribunal has

terminated rival Bitfarms' ( BITF ) attempt to adopt a "poison

pill" to thwart its acquisition.

The cease trade order by Ontario Capital Markets Tribunal

terminates Bitfarms' ( BITF ) poison pill, which contemplated a 15%

trigger, effective immediately, Riot said in a statement.

Last month, Bitfarms ( BITF ) rebuffed Riot's $950 million offer,

citing it undervalued the company and adopted a "poison pill" to

fend off a hostile takeover.

Under the plan, if an entity took 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.

"This ruling from the Tribunal in favor of Riot's

application is a win for all Bitfarms ( BITF ) shareholders," Riot CEO

Jason Les said.

Riot said it continues to believe that their three director

nominees - John Delaney, Amy Freedman and Ralph Goehring - must

be elected to the Bitfarms Board at the 2024 Special Meeting of

Shareholders.