Going 100% HoStile TO?On Bitfarm's behind? LOL
This is getting interesting.......After yesterday's news that Riot mgmt has further increased their holdings of BitFarms to ~10% from ~9% a day before, this may set up one of those rarely seen Hostile TO's which were common place in the 80's & 90's .........So let's see if AFTER today... Riot's share of BitF increases .....again!
As a Riot s/h........ i totally disagree 100% with what Riot mgmt is attempting here, as i believe they are overpaying for subpar assets AND they could do for much less themselves. So the whole MO behind this idiotic move......is VERY questionable imo and would definitely make me reassess my investment in Riot itself.....later down the road. If they truly wanted/needed to expand operations, imo there are much better ways, more cost effecitve & efficient ways than dishing out all this cash for an overbloated, mismanaged, subpar pig like S Farms.
And for the dedicated, loyal Bitfarms s/h on here who THINK this a lowball offer and they could get north of $3 bucks......You guys are all delusional & fooliing yourselves if you think that'sreally the case. No one....and i mean NO ONE is going to give/buyout S Farms at those insane levels. And if you need to ask why or don't know.......then you should NOT be invested in this sector...
All i will say is the folllowing......there are solid, valid reasons WHY there haven't been almost ANY mergers or acquisitions in this sector over the past 7/8 years. Why you ask? Because most the equipement these guys have/get goes obsolete in about 3 years AND the organic buildout costs to achieve the same goal.....are that much CHEAPER. You don't need to buyout anyone when you can get the same....and much more newer & powerful rigs for less than buying out someone else!!!!
So WHY is Riot doing thisdumb (imo) move? Honestly.... IF i had to guess.....They probably need to hit certain goals/acheivements/objectives THIS year (and maybe early next year) for some lucrative bonuses to kick in. And so timing is of the essence......because they probably know they won't do it .....organically. So they come up with this bright idea of Taking Over somone like Bitfarms. But if that's the case, imo, they had much better options that S Farms......
And i can only hope it falls completely though and ends up as an utter failure.....so we (Riot that is!) can get back on track with our main goals in a more cost effective & efficient manner. Not this BS........
GLTA