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Exor has rejected Tether's acquisition offer for the football club Juventus.
Deep Tide TechFlow News, December 14th, according to CoinDesk, the plan for stablecoin issuer Tether to acquire Italian football club Juventus has been thwarted. The major shareholder Exor’s board unanimously rejected Tether’s all-cash acquisition offer, which aimed to purchase the 65.4% stake held by Exor.
In a press release issued on Saturday, Exor stated, “It has no intention to include but not limited to Tether, headquartered in El Salvador, or any third party, to sell any of its shares in Juventus.” Exor is a holding company controlled by the Italian Agnelli family, whose business empire includes Fiat Automobiles.
Tether previously announced that if the acquisition succeeded, it planned to invest an additional $1 billion in club development. Currently, Tether holds an 11.53% stake in Juventus, making it the second-largest shareholder after Exor.