TechFlow news, December 14 — According to CoinDesk, Tether, the stablecoin issuer, has faced a setback in its plan to acquire Italian football club Juventus. The board of Exor, the majority shareholder, unanimously rejected Tether's all-cash offer to purchase Exor's 65.4% stake.
In a press release issued on Saturday, Exor stated it "has no intention to sell any of its shares in Juventus to third parties, including but not limited to Tether based in El Salvador." Exor is a holding company controlled by Italy's Agnelli family, whose business empire includes Fiat Automobiles.
Tether had previously announced that if the acquisition succeeded, it planned to invest an additional $1 billion into the club's development. Tether currently holds an 11.53% stake in Juventus, making it the second-largest shareholder after Exor.
