Odaily Planet Daily reports that Juventus Football Club’s parent company Exor announced on Saturday that its board of directors unanimously rejected Tether’s takeover proposal. Tether previously submitted a binding all-cash offer to acquire 65.4% of Juventus held by Exor at a price of €2.66 per share (approximately $3.12). This offer values Juventus slightly above €1 billion (about $1.17 billion). If the acquisition is successful, Tether will launch a full tender offer for the remaining shares and plans to invest up to €1 billion (approximately $1.1 billion) additionally to support the club’s development. Exor CEO John Elkann stated, “Juventus, our history, and our values are not for sale.” Exor reaffirmed that it has no intention of selling any Juventus shares it holds to third parties. Since February this year, Tether has increased its stake in Juventus to over 10%, and last month successfully nominated Francesco Garino to join the board of directors.
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