Declining Tether Acquisition Invitation, Juventus Stock Price Soars Nearly 14% on Monday

2 days ago

December 15 (Reuters) - The Italian Agnelli family rejected a takeover bid of more than 1 billion euros (roughly $1.2 billion) from crypto firm Tether for Serie A soccer club Juventus on Saturday, sending Juventus’ (JUVE.MI) stock soaring nearly 14% on Monday. Prior to the rejection, Exor (EXOR.AS) — the Agnelli family’s holding company — noted that while Tether’s offer was 21% above Friday’s closing price, it had no plans to sell any shares in the club. Equita analyst Martino De Ambroggi said Juventus accounts for roughly 2% of Exor’s net assets based on its market value as of last Friday. A sale would have cut Exor’s net debt by between 650 million euros and 1.6 billion euros, he added. However, the club has helped Exor raise about 600 million euros in capital increases over the past six years.

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