11:38 AM EDT, 06/13/2024 (MT Newswires) -- Bitfarms ( BITF ) late Wednesday rejected an unsolicited takeover bid from Riot Platforms made on April 22, saying the offer "significantly undervalues Bitfarms ( BITF ) and is not in the best interest of shareholders."

Bitfarms ( BITF ) said its special committee welcomed Riot's interest in the company and participation in the ongoing strategic alternatives review process, but that Riot declined to participate. Instead, Riot has continued to acquire Bitfarms ( BITF ) shares "in an attempt to undermine the integrity of the process and harm the interests of the company," Bitfarms ( BITF ) said.

Bitfarms ( BITF ) said its special committee remains committed to the strategic alternatives review process and will continue to evaluate all opportunities to maximize shareholder value.

Separately, Bitfarms ( BITF ) on Thursday said it agreed to develop up to 120 megawatts (MW) of power capacity and lease a site in Sharon, Pennsylvania. The site will support 8 EH/s in 2025, with deployment of 600 PH/s in 2024. It will be located within the Pennsylvania-New Jersey-Maryland (PJM) Interconnection, the largest wholesale electricity market in the U.S., providing access to low-cost, flexible electricity supply.

PJM has an abundant energy supply that is rapidly adding renewable capacity and contributing to decarbonization of the grid, Bitfarms ( BITF ) said.

Bitfarm shares were last seen up $0.41 to $3.74 on the Toronto Stock Exchange.

Price: 3.74, Change: +0.41, Percent Change: +12.31