Bitfarms Says Riot Bid ‘Significantly Undervalues’ Crypto Miner, Is Exploring Options

Bitfarms rejected Riot Platforms’ unsolicited buyout offer of $2.30 per share, saying it undervalued the crypto miner.

The company said it has hired investment bank Moelis to serve as financial advisor to handle additional expressions of interest it has received.

Crypto miner Bitfarms (BITF) has rejected a buyout offer from rival Riot Platforms (RIOT), saying it “significantly undervalues” the Canadian company.

Riot on Tuesday said it had submitted an unsolicited offer to buy Bitfarms for $2.30 per share in a deal that would create the world’s largest bitcoin miner.

Bitfarms said the offer was unsatisfactory and that it had received additional unsolicited expressions of interest from other parties.

The Toronto-based firm said Wednesday that a committee of its board of directors evaluated that approach and “found that it significantly underestimates the company and its growth prospects.” “The Committee requested traditional privacy and non-solicitation protections to meaningfully advance discussions with Riot, but Riot did not respond.”

Bitfarms also said it has appointed investment bank Moelis as financial advisor.

BITF shares rose nearly 5% to $2.31 in early trading Wednesday.

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