According to PANews, Tether Investments, a subsidiary of the Tether Group, has announced the results of its public 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 custodian of the offer, Computershare Trust Company, NA, informed Tether that a total of 67,075,545 common shares were validly offered at the expiration.
Previously, on March 27, 2025, Tether and Adecoagro announced a transaction agreement, unanimously approved by the Adecoagro board of directors. According to this agreement, Tether sought to acquire up to 70% of the outstanding common shares of Adecoagro through the public tender offer to achieve a controlling interest. Tether will accept and purchase 49,596,510 common shares based on the valid offers at the expiration of the offer.
Due to the oversubscription of the public tender offer, Tether will allocate shares proportionally before finalizing the acquisition. Specifically, Tether will purchase shares based on a ratio of the validly offered shares by each shareholder who submitted their offer, with fractional shares rounded accordingly. The calculated proration factor is approximately 73.9%.
Tether will instruct the custodian to immediately pay the purchase price to all shareholders who have submitted their offer and return the unacquired common shares due to proration to the respective shareholders.