AI Summary
According to PANews Agency, Tether Investments, a subsidiary of the Tether Group, announced the results of its offer to purchase the common shares of Adecoagro S.A. The offer, which aimed to buy up to 49,596,510 shares at a cash price of $12.41 per share, ended at midnight on April 24, 2025, New York time. The offer's custodian, Computershare Trust Company, NA, informed Tether that total bids of 67,075,545 common shares were properly submitted by the offer's expiration date. Previously, on March 27, 2025, Tether and Adecoagro announced a transaction agreement, unanimously approved by the Adecoagro Board of Directors. Under this agreement, Tether sought to acquire up to 70% of the outstanding common shares of Adecoagro through a tender offer to achieve a controlling stake. Tether will accept and purchase 49,596,510 common shares based on the proper bids at the end of the offer. Due to the oversubscription in the tender offer, Tether will allocate the shares proportionally before completing the acquisition. More specifically, Tether will purchase the shares based on the proportion of proper shares offered by each shareholder, rounding fractional shares accordingly. The calculated allocation factor is approximately 73.9%. Tether will instruct the custodian to pay the purchase price immediately to all shareholders submitting accepted bids and return any common shares not acquired due to the allocation to the relevant shareholders.