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The owner of Juventus has rejected a takeover attempt by Tether. Exor, the Agnelli family’s investment company, has turned down a bid of more than 1 billion euros from the stablecoin issuer. This means the Italian club remains entirely under existing control.
Exor’s board made this decision unanimously. According to the company, there is no intention to sell shares in Juventus to third parties. This also applies to Tether, which operates from El Salvador.
Tether Made All-Cash Offer #
Tether had previously confirmed submitting a binding offer for Exor’s stake. This involved 65.4 percent of the shares, paid entirely in cash. With approval, Tether would also make an offer for the remaining shares.
The proposal valued Juventus at just over 1 billion euros. This was above the market value at Friday’s close of trading. Exor stated it would not consider the offer, regardless of the price offered.
Tether did not immediately respond to questions about the rejection. However, the company indicated it was willing to invest significantly in the further development of the club.
Exor Emphasizes History and Values #
Exor CEO John Elkann emphasized the long-standing relationship with Juventus in a video message. The club has been part of the family for over a hundred years. According to Elkann, Juventus’s history and values are not for sale.
Exor says it will continue to fully support the current management. The focus is on sporting performance and financial stability, both on and off the field.
Following the rejection, Tether remains a shareholder without control. The company now owns more than ten percent of the shares and recently received a seat on the board of directors.
Crypto Seeks Visibility Outside the Sector #
Tether is following a trend increasingly visible within crypto. Large companies are more frequently seeking visibility outside the sector, such as in sports and financial services. Stablecoins play an important role here due to their fixed peg to the dollar.
At the same time, the rejection shows that existing shareholders are holding on to control and long-term policy. In listed companies, this remains decisive, even with high bids.