According to Reuters, after the Agnelli family of Italy rejected a takeover bid of over 1 billion euros (approximately 1.2 billion dollars) from the cryptocurrency group Tether for the Serie A football club Juventus last Saturday, Juventus (JUVE.MI) shares soared nearly 14% on Monday.
Previously, the Agnelli family’s holding company Exor (EXOR.AS) stated that, despite Tether’s acquisition offer being a 21% premium over last 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 last 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 raise approximately 600 million euros in capital over the past six years.
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