Key Highlights
- Juventus shares rose over 14% after the Agnelli family rejected Tether’s €1.1 billion takeover bid.
- Tether already owns about 11.5% of Juventus and offered €2.66 per share for Exor’s 65.4% stake.
- The club is struggling on the pitch and facing high costs, but the Agnellis want to keep family control.
Juventus Football Club SpA saw its shares rise sharply after the Agnelli family rejected a €1.1 billion ($1.3 billion) takeover bid from crypto company Tether Holdings SA. The offer, made on Friday, sought to buy Exor’s 65.4% stake in the Italian club at €2.66 per share, which was 21% higher than the stock price at the time.
As per the Bloomberg report, the family rejected the offer over the weekend, signaling that they want to keep control of the club. Exor, the holding company, said it has “no intention of selling any of its shares in Juventus to a third party, including but not restricted to El Salvador-based Tether.” A board meeting held over the weekend unanimously rejected Tether’s proposal.
Despite the refusal, Juventus shares jumped as much as 14% on Monday, reaching €2.51, which shows that investors have increased their interest in the club following the bid.
Tether’s bid and interest in Juventus
Tether, known for its USDT stablecoin, has been steadily increasing its presence in Juventus over the years. In April, the company bought about an 11.5% stake in the club, which made Juventus the first major European football club to have a crypto company among its top shareholders.
Tether Chairman Giancarlo Devasini and CEO Paolo Ardoino, both from Turin and lifelong fans of Juventus, said their company could help the club grow. In October, Ardoino said, “The management is still treating Juventus as if it was living in the nineties or eighties — I don’t think it’s the right approach with a more global competitive sports landscape.”
Struggling on the pitch and financial pressures
The offer comes at a time when Juventus is spending a lot to stay strong in European football while struggling in games. Tether said it was ready to invest €1 billion to help the club. Previously, the company also nominated two candidates for the club’s board, with local orthodontist Francesco Garino securing a seat.
Exor has been reshaping its portfolio, selling its truck business, Iveco, and negotiating a sale of media group Gedi. In a video, CEO John Elkann said, “Juventus has been part of my family for 102 years. Over the course of a century, four generations have grown it, strengthened it, cared for it in difficult moments and celebrated it in happy ones.” The company’s net worth grew from €11 billion to over €36 billion in ten years.
While Juventus stock rallied, the club’s fan token (JUV) fell more than 8.9% from its intraday peak, dropping below $0.72 early Monday, according to CoinMarketCap.
Also Read: Tether Weighs Buybacks and Tokenized Shares in $20B Raise
