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The Agnelli family has no intention of selling Juventus to crypto group Tether or anyone else, the family’s holding company Exor said yesterday, rejecting Tether’s shock offer for Italy’s most successful soccer club.
Tether, headquartered in El Salvador, said on Friday it had submitted an all-cash proposal to Exor to buy its entire stake in the Turin-based Serie A club.
Tether said it would make a public tender offer for the remaining Juventus shares at the same price offered to Exor, and that it planned to invest one billion euros to support the club if the acquisition is completed.
The crypto company’s CEO Paolo Ardoino is an Italian national and a Juventus supporter.
Tether is offering Exor 2.66 euros per share, a source familiar with the matter said, valuing Juventus at just over 1bn euros ($1.17bn).
The price offered provides a 21 per cent premium over Juventus’ closing share price on Friday of 2.19 euros.
Exor said its board had unanimously rejected the offer and had “no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.”
Juventus has not made an annual net profit for almost a decade, and its shares are down 27pc so far this year.
Tether, the issuer of a US dollar-referenced stablecoin dubbed USDT, has already built a stake of more than 10pc in Juventus this year, becoming its second-largest shareholder after Exor.
By acquiring a storied European soccer club, Tether – whose business faces mounting regulatory scrutiny in the European Union – could gain a powerful tool to build ties with the continent’s policymakers while boosting its popularity among the wider public.
It is proposing to buy Exor’s entire shareholding in the club, representing 65.4pc of the total share capital, Tether said on Friday, without officially disclosing the price at which it would buy the shares.
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