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Longacre Square Partners handles Colorado’s Riot Platforms as it makes a $950M cash/stock bid to acquire its smaller Bitcoin miner Bitfarms Ltd, which relies on Joele Frank, Wilkinson Brimmer Katcher for media support.
A successful deal would create the world’s No. 1 publicly traded Bitcoin miner.
Riot, which is Bitfarms largest stakeholder with a 9.25 percent ownership position, plans to call for a special meeting of shareholders to add new independent directors to Bitfarms’ board.
It originally made its takeover proposal on April 22 and was rebuffed by Bitfarms without “engaging in a substantive dialog with us,” according to Riot executive chairman Benjamin Yi.
Canada-based Bitfarms says Riot’s offer undervalues the company and its growth prospects. It is exploring strategic options.
Longacre has Joe Germani and Dan Zacchei representing Riot Platforms, while Joele Frank’s Dan Katcher and Joseph Sala work the US media for Bitfarms.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
Brunswick Group handles France’s Schneider Electric as it acquires Boston’s PTC, maker of engineering software, for $22.6B cash.
