Bitfarms takes ‘poison pill’ after riot bid turns hostile
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Bitfarms takes ‘poison pill’ after riot bid turns hostile

Bitcoin mining company Bitfarms Ltd.-firma-rte> adopts ‘poison pill’ shareholder rights plan as defense against unwanted takeover bid by larger rival Riot Platforms Inc.-firma-rte>

A poison pill strategy is a measure used to prevent business takeovers by making the transaction too expensive for the acquiring company. Under the plan, if the entity acquires an equity stake of more than 15% by September 10, Bitfarms will issue new shares to existing existing shareholders, diluting the shares of the entity seeking a hostile takeover, Bitfarms said in a statement: bsp-bb-link> Monday.

Riot Platforms made an unwanted $950…