Juventus shares surge nearly 14% after rejecting Tether's acquisition offer
ChainCatcher news, according to Reuters, shares of Serie A football club Juventus (JUVE.MI) surged nearly 14% on Monday after Italy's Agnelli family rejected a takeover bid of over 1 billion euros (about $1.2 billion) from crypto group Tether last Saturday.
Previously, Agnelli family holding company Exor (EXOR.AS) stated that despite Tether's offer representing a 21% premium over Friday's closing price, it had no intention of selling any stake in the club.
Equita analyst Martino De Ambroggi pointed out that, based on Friday's market value, Juventus accounts for about 2% of Exor's net assets. If the sale were completed, Exor's net debt could be reduced by about 650 million euros to around 1.6 billion euros. However, the Juventus club is an asset that has helped Exor absorb about 600 million euros in capital increases over the past six years.
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