Bitcoin miner Riot Platforms said on Monday it was withdrawing its offer for Bitfarms and had nominated three directors to the board of rival crypto miner.

Riot, which is the biggest shareholder in Bitfarms with a nearly 15% stake, said it was "ready to engage" with the company's reconstituted board about a potential transaction.

The two companies have been at loggerheads since Riot made an unsolicited offer in April to acquire the company for about $950 million.

Bitfarms rejected the offer, saying it significantly undervalued the company and approved a poison pill plan to prevent any attempts at a hostile takeover.

  - Reuters