Exor has officially said no to Tether’s attempt to take control of Juventus Football Club.
On December 13, Exor announced that it had unanimously rejected Tether’s all-cash offer, which valued the deal at about €1.1 billion. The proposal would have given Tether control of Exor’s 65.4% stake in the club.
Exor made its position very clear. The company said it has no plans to sell any of its Juventus shares to anyone, including Tether. It described Juventus as a historic and successful club and stressed that the Agnelli family has been a stable owner for more than 100 years.
Tether’s offer valued Juventus shares at €2.66 each, which was about 21% higher than the market price at the time. On top of that, Tether promised to invest another €1 billion into the club if the deal went through. The company also planned to launch a public offer to buy the remaining shares at the same price.
Tether CEO Paolo Ardoino said the bid was personal for him, explaining that he has been a lifelong Juventus fan and grew up supporting the team.
Exor CEO John Elkann pushed back by highlighting the family’s long history with the club. He said Juventus has been part of his family for 102 years, across four generations, through both tough times and great successes.
Tether already owns 11.5% of Juventus, making it the second-largest shareholder after Exor. That stake was built up over several months before the takeover bid was made.
With Exor’s rejection, Tether’s options are now limited. It can keep its minority stake, slowly buy more shares without taking control, or choose to exit the investment altogether.
The Agnelli family has owned Juventus since 1923 and has held onto the club through major challenges, including the 2006 Calciopoli scandal and the long rebuilding process that followed.
