Exor rejects Tether's Juventus bid
Juventus shares surged over 17% on Monday after Exor unanimously rejected Tether’s acquisition proposal. The stablecoin issuer submitted an all-cash offer on Friday valued at 2.66 euros per share. This price represented a 21 percent premium over Friday’s closing price of 2.19 euros. The total offer valued Juventus at approximately 1.1 billion euros or 1.29 billion dollars. Exor is the holding company controlled by the Agnelli family, which owns 65.4% of Juventus. The family has controlled the Turin-based club since 1923 for over a century. Exor’s board issued a statement on Saturday confirming the unanimous rejection of the unsolicited proposal.
The company stated it has no intention of selling shares to any third party. This includes Tether specifically, which is headquartered in El Salvador according to the statement. Exor emphasised that Juventus is a storied club of which the Agnelli family remain proud shareholders. The family stated they remain fully committed to supporting the new management team’s strategy. Juventus shares closed Monday trading at 2.56 euros, giving the club a market capitalisation of 924 million euros. Despite Monday’s gains, shares remain down approximately 19% over the past year. The stock has fallen more than 62% over the past five years overall.
Tether already holds minority stake in Italian giants
Tether acquired an 11.5% minority stake in Juventus in February 2025 earlier this year. The company did not purchase any shares from Exor during that initial transaction according to reports. Tether stated on Friday it submitted a binding all-cash proposal to acquire Exor’s entire shareholding. The proposal contemplated acquiring Exor’s 65.4% stake in the club’s issued share capital. Tether indicated completion would require Exor’s acceptance, definitive documentation and regulatory approvals. Following completion, Tether intended to launch a public tender offer for remaining shares at the same price. Analysts at Kepler Cheuvreux noted the 2.66 euro offer remained below Juventus’ peak price of 3.56 euros. The bid implied roughly 3.3 times enterprise value to core revenues according to their analysis.
This valuation sits below multiples Juventus reached at its peak and comparable football club transactions. Applying peer benchmarks would point to a materially higher equity value than Tether’s proposal suggested. It remains unclear whether Tether will submit a revised bid following the market’s re-rating. The stablecoin giant has demonstrated significant investment appetite recently across various sectors and geographies.
Serie A club faces uncertain future direction
Juventus competes in Serie A, which is Italy’s top professional football league and European competition. The club last won the Serie A title during the 2019-2020 season several years ago. On-field performance has declined significantly since that last championship triumph for the Turin side. The Agnelli family stated they continue supporting the team and look to build a winning Juventus. Tether previously stated it was prepared to invest up to one billion euros in the club’s long-term development. The company has expanded aggressively into traditional finance and sport investments during 2024 and 2025.
Tether is the issuer of USDT, the world’s largest stablecoin by market capitalisation and trading volume. A representative for Tether did not immediately respond to requests for comment on the rejection. The rejection highlights tensions between traditional sport ownership structures and crypto industry investment ambitions globally. Football clubs increasingly attract interest from cryptocurrency companies seeking brand visibility and diversification beyond digital assets.
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