Tether Proposes Acquisition of Majority Stake in Agrodeco
Tether, the prominent cryptocurrency company responsible for the $140 billion USDT stablecoin, has made an unsolicited proposal to acquire a controlling interest in Agrodeco (AGRO), a leading agricultural commodities producer in Latin America. On February 14, Tether submitted an offer of $12.41 per share, aiming to increase its ownership in Agrodeco from the current 19.4% to a substantial 51%.
According to a press release issued by Adecoagro on Tuesday, the company’s board convened on February 16 to deliberate on Tether’s bid. They have engaged financial and legal advisors to evaluate whether accepting the offer is in the best interests of the shareholders. This careful consideration reflects the company’s commitment to maximizing shareholder value.
In response to the news, Adecoagro’s shares surged by 8% in premarket trading, reaching $10.48 in New York, indicating positive market sentiment regarding the potential deal.
Adecoagro stands as a significant player in the agribusiness sector of South America, with a diverse focus on sugar, ethanol, dairy, and various crop productions. The company’s operations span across key markets in Argentina, Brazil, and Uruguay, underlining its vital role in the regional agricultural landscape.
Tether’s investment proposal marks an important strategic move as the firm seeks to diversify its portfolio beyond its primary cryptocurrency operations. Notably, Tether reported an impressive $13 billion in net profits last year, showcasing its financial strength and ability to invest in promising ventures.
