Overview
- Exor said it unanimously rejected Tether’s binding all-cash approach and reiterated it will not sell any Juventus shares to third parties.
- Tether’s offer was €2.66 per share for Exor’s 65.4% stake, implying about a €1.1 billion valuation and a roughly 21% premium, with a follow-on tender planned for remaining shares.
- Tether already holds just over 10% of Juventus and has board representation, including Francesco Garino and deputy investment chief Zachary Lyons.
- Juventus shares jumped by double digits on Monday after the rejection, while the JUV fan token dropped more than 13% from its intraday peak.
- Tether’s proposal included a pledge to invest about €1 billion in stadium, commercial and sporting development, shortly after Juventus raised roughly €97.8 million in a rights issue.