BUZZ-Adecoagro rises after receiving majority stake offer from crypto firm Tether

Reuters

18 Feb

BUZZ-Adecoagro rises after receiving majority stake offer from crypto firm Tether

** Shares of sustainable production company Adecoagro S.A. AGRO.N rise 8.7% premarket after receiving unsolicited proposal from Tether Investments

** Tether Investments proposes to increase stake in AGRO to 51% from around 19.4%, AGRO says

** Tether offers to acquire co's common shares at $12.41 per share, nearly 27% premium to Friday's closing price of $9.79

** Adecoagro produces agricultural products and over 1 million MWh of renewable electricity across facilities in Argentina, Brazil and Uruguay

** Tether is issuer of USDT stablecoin, world's largest stablecoin and fourth-biggest crypto currency with market capitalization of over $141 billion, according to CoinGecko

** Move is latest foray from Tether Investments, which on Friday said it had become minority shareholder in Italian soccer club Juventus JUVE.MI

** AGRO says board of directors met February 16 to discuss Tether's offer, will respond in due course

** Up to Friday's close, AGRO shares up 3.8% YTD after falling 15% in 2024

(Reporting by Lisa Mattackal)

((LisaPauline.Mattackal@thomsonreuters.com;))

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