On December 12, Tether, the world's largest stablecoin issuer, publicly announced a binding all-cash takeover bid for Exor, the Italian family-owned holding company of Agnelli. The bid aims to acquire approximately 65.4% of Juventus Football Club's shares from Exor at €2.66 per share. This offer values Juventus at approximately €1.1 billion, a premium of about 21% over the closing price of €2.19 on December 12. If the transaction is successful, Tether will initiate a mandatory general offer to buy the remaining outstanding shares at the same price, thereby gaining full control of the club.
Tether emphasized that the acquisition funds came entirely from the company's own cash reserves, without the need for debt. Following the transaction, up to €1 billion will be invested in team operations, player recruitment, and infrastructure development. Tether CEO Paolo Ardoino, a long-time self-proclaimed Juventus fan, stated that this move was not merely a business investment but also stemmed from his love for the club. He hopes to rise from the current second-largest shareholder (holding approximately 11.5%) to the controlling shareholder, leading the "Old Lady" back to its peak.
Exor explicitly rejected the acquisition.
However, just one day later, on December 13, Exor issued an official announcement stating that its board of directors unanimously rejected Tether's acquisition offer. In its statement, Exor reiterated its previous stance: "It has no intention of selling any of its shares in Juventus to any third party, including but not limited to Tether, headquartered in El Salvador."
Exor emphasizes that Juventus is a historic and successful club, and the Agnelli family and Exor have been stable and proud shareholders for over a century. They remain fully committed to the club and support the new management team in implementing a clear strategy to achieve outstanding results both on and off the pitch. Exor CEO John Elkann stated bluntly: "Juventus, our history, and our value are not for sale."
Despite Juventus' financial pressures in recent years, including consecutive losses and the need for multiple capital injections, the Agnelli family was clearly unwilling to relinquish control of the Serie A champions. Tether's acquisition dream thus fell through.
