Exor Rejects Tether’s €1B Takeover Bid for Juventus Football Club
Exor, the Agnelli family’s holding company and the longtime majority owner of Juventus Football Club, has rejected an unsolicited bid from stablecoin issuer Tether to acquire the Serie A club.
Exor said on Saturday that its board of directors unanimously declined Tether’s proposal to purchase all outstanding shares of the publicly traded club. The company reiterated it has no intention of selling any of its Juventus shares to third parties, including but not limited to El Salvador-based Tether.
On Friday, Tether said it had submitted a binding, all-cash offer to acquire Exor’s 65.4% controlling stake and, if accepted, would launch a public offer to buy the remaining shares at the same price. Reuters reported Tether offered 2.66 euros ($3.12) per share, valuing Juventus at just over 1 billion euros ($1.17 billion).
Juventus closed trading on Friday at 2.19 euros ($2.57), giving the club a market capitalization of 944.49 million euros ($1.1 billion). Tether did not immediately respond to a request for comment.
Exor CEO: “Values are not for sale”
In a video published on the club’s website on Saturday, Exor CEO John Elkann said Juventus “has been a part of my family for 102 years.” “Juventus, our history and our values are not for sale,” he added.
Exor CEO John Elkann, wearing a team hoodie, rejected Tether’s proposal in a video statement. Source: Juventus
Exor said the company and the Agnelli family remain fully committed to the club and will support its new management team in executing a clear strategy to deliver strong results on and off the field.
In its offer, Tether said it was prepared to invest 1 billion euros ($1.1 billion) to support Juventus’ development if the transaction were completed.
“For me, Juventus has always been part of my life. I grew up with this team,” said Tether CEO Paolo Ardoino. “Tether is in a position of strong financial health and intends to support Juventus with stable capital and a long horizon.”
Tether, issuer of the USDT stablecoin, has been expanding beyond its core crypto business, first acquiring a stake in Juventus in February and increasing its holding to over 10% in April.
The company has since increased its influence at the club after Juventus shareholders last month approved Tether’s nomination of Francesco Garino to the board of directors. An earlier bid to appoint deputy investment chief Zachary Lyons was not successful.
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