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Juventus Football Club Owner Rejects Tether's Acquisition Offer
Summary: In breaking news, the holding company of Juventus Football Club, Exor, announced on Saturday that its board unanimously rejected a comprehensive acquisition proposal from Tether. Tether had previously submitted a binding all-cash proposal to acquire Exor's 65.4% controlling stake in Juventus at a price of 2.66 euros per share (approximately 3.12 US dollars). This offer ...
In breaking news, the holding company of Juventus Football Club, Exor, announced on Saturday that its board unanimously rejected a comprehensive acquisition proposal from Tether.
Tether had previously submitted a binding all-cash proposal to acquire Exor's 65.4% controlling stake in Juventus at a price of 2.66 euros per share (approximately 3.12 US dollars). This offer values Juventus at slightly over 1 billion euros (approximately 1.17 billion US dollars). If the acquisition is successful, Tether plans to launch a comprehensive tender offer for the remaining shares and intends to invest up to an additional 1 billion euros (approximately 1.1 billion US dollars) to support the club's development.
Exor CEO John Elkann stated, "Juventus, our history, and our values are not for sale." Exor reiterated that it has no intention of selling any Juventus shares to a third party. Tether has increased its stake in Juventus to over 10% since February and successfully nominated Francesco Garino to the board last month.
