(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.