Juventus owner rejects Tether’s $1.2 billion takeover bid, sending team’s stock price soaring

Shares in Italian football club Juventus rose more than 17% after majority-owned holding company Exor rejected a cash offer from stablecoin giant Tether.

Tether’s all-cash offering to Exor on Friday was reportedly valued at €2.66 ($3.13) per share – a value approximately 21% higher than Friday’s closing price, This is evident from data from Yahoo Finance. The offer valued the club at approximately €1.1 billion ($1.29 billion) in total.

“Exor NV announces that its Board of Directors has unanimously rejected an unsolicited proposal from Tether Investments to acquire all the shares of Exor-owned Juventus Football Club,” the holding company said. said in a statement Saturday.

“Exor confirms its previous, consistent statements that it does not intend to sell its shares in Juventus to any third party, including but not limited to El Salvador-based Tether.”

The company’s actual market capitalization is now around €924 million (€1.08 billion), as its shares recently changed hands for €2.56 (€3.01) at the close of European markets. Despite Monday’s gains, shares are down about 19% in the past year and more than 62% in the past five years.

Juventus, which plays in Italy’s highest football competition, Serie A, last won a national title in the 2019-2020 season. It remains unclear whether or not Tether is bought a minority stake in the team will submit a new offer in February after the market has been reassessed following the initial rejected offer.

A representative for the USDT issuer did not immediately respond Declutter request for comment.

The stablecoin giant has been flexing its investing muscle lately. Last week he joined the $81 million seed round for an Italian robotics companyand in November it added another 1 million shares of YouTube rival Rumble, expanding its total position to approximately $679 million at current prices.

The USDT issuer is also reportedly looking for investments, with the aim of raising money about $20 billion at a $500 billion valuation while stablecoins are gaining more and more popularity.