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

said on Monday it was withdrawing its offer for

Bitfarms ( BITF ) and had nominated three directors to the

board of rival crypto miner.

Riot, which is the biggest shareholder in Bitfarms ( BITF ) with

a nearly 15% stake, said it was "ready to engage" with the

company's reconstituted board about a potential transaction.

The two companies have been at loggerheads since Riot made

an unsolicited offer in April to acquire the company for about

$950 million.

Bitfarms ( BITF ) rejected the offer, saying it significantly

undervalued the company and approved a poison pill plan to

prevent any attempts at a hostile takeover.