Exor rejects Tether's acquisition offer for the football club Juventus

According to CoinDesk, the plan for stablecoin issuer Tether to acquire the Italian football club Juventus has encountered setbacks.

The major shareholder Exor's board unanimously rejected Tether's all-cash acquisition offer, which aimed to purchase the 65.4% stake held by Exor. Exor stated in a press release on Saturday that it "has no intention of selling any of its shares in Juventus to third parties, including but not limited to Tether, which is headquartered in El Salvador." Exor is a holding company controlled by the Italian Agnelli family, whose business empire includes Fiat Automobiles.

Tether had previously announced that if the acquisition was successful, it planned to invest an additional $1 billion for the club's development. Currently, Tether holds a 11.53% stake in Juventus, making it the second-largest shareholder after Exor.