Juventus Owner Rejects Tether's $1.2 Billion Acquisition Offer, Sending Team's Stock Soaring

Shares successful Italian shot nine Juventus roseate than 17% aft Exor, a holding institution with bulk ownership, rejected an all-cash connection from stablecoin elephantine Tether. 

Tether’s all-cash connection to Exor connected Friday was reportedly valued astatine €2.66 ($3.13) a share—a worth astir 21% higher than Friday’s closing price, according to information from Yahoo Finance. The connection valued the nine astir €1.1 cardinal successful full ($1.29 billion).

“Exor N.V. announces that its Board of Directors has unanimously rejected an unsolicited connection submitted by Tether Investments to get each of the shares of Juventus Football Club owned by Exor,” the holding steadfast said successful a Saturday statement.

“Exor reaffirms its previous, accordant statements that it has nary volition of selling immoderate of its shares successful Juventus to a third-party, including but not restricted to El Salvador-based Tether.” 

The firm’s existent marketplace capitalization present sits astir €924 cardinal ($1.08 billion), arsenic shares were precocious changing hands €2.56 ($3.01) astatine the adjacent of European markets. Despite Monday’s gain, shares are down astir 19% successful the past twelvemonth and much than 62% successful the past 5 years. 

Juventus, which plays successful Italy’s apical shot league—Serie A—last claimed a league rubric successful the 2019-2020 season. It remains unclear whether oregon not Tether, which purchased a number involvement successful the team successful February, volition taxable a caller bid aft the marketplace has re-rated pursuing the initially rebuffed offer.

Visa Thinks Stablecoins Can Break Into the $40 Trillion Credit Market

A typical for the USDT issuer did not instantly respond to Decrypt’s request for comment. 

The stablecoin elephantine has flexed its concern musculus heavy of late. Last week it joined the $81 cardinal effect circular of an Italian robotics firm, and successful November it added different 1 cardinal shares of YouTube rival, Rumble, expanding its full presumption to astir $679 million astatine existent prices. 

The USDT issuer is besides reportedly seeking investment, aiming to rise around $20 cardinal astatine a $500 cardinal valuation arsenic stablecoins proceed gaining steam.