According to PANews, Tether Investments, a subsidiary of the Tether Group, has announced the results of its tender offer for common shares of Adecoagro S.A. The offer, which aimed to purchase up to 49,596,510 shares at a cash price of $12.41 per share, expired at midnight on April 24, 2025, New York time. The offer's custodian, Computershare Trust Company, NA, informed Tether that a total of 67,075,545 common shares were validly tendered by the expiration.
Previously, on March 27, 2025, Tether and Adecoagro announced a transaction agreement, unanimously approved by Adecoagro's board of directors. Under this agreement, Tether sought to acquire up to 70% of Adecoagro's outstanding common shares through the tender offer to achieve a controlling interest. Tether will accept and purchase 49,596,510 common shares based on the valid tenders at the offer's expiration.
Due to the tender offer's oversubscription, Tether will allocate shares proportionally before finalizing the acquisition. Specifically, Tether will purchase shares based on a proportion of each tendering shareholder's validly tendered shares, with fractional shares rounded accordingly. The calculated proration factor is approximately 73.9%.
Tether will instruct the depositary to promptly pay the purchase price to all accepted tendering shareholders and return any common shares not acquired due to proration to the respective shareholders.
