Luxembourg-headquartered South American agribusiness Adecoagro announced on Tuesday 18 February that its board of directors had received an unsolicited, non-binding proposal from Tether Investments on 14 February to acquire the company’s outstanding common shares at a price of $12.41 per common share. The tender offer would result in Tether owning 51% of Adecoagro’s outstanding common stock, while the cryptocurrency company is already a shareholder of the company, owning approximately 19.4% of its outstanding common stock, according to Tether’s most recent public filing of November 14, 2024.

“The board of directors held a meeting on 16 February 2025 to discuss the terms and conditions of the proposal and decided to engage legal and financial advisors to further assist the board in its evaluation of the proposal and whether it is in the best interests of all shareholders and the company. The board will respond in due course. The company’s shareholders are not obliged to take any action at this stage,” explains Adecoagro’s press release.

In its latest annual report, Adecoagro forecast sales of $1.298bn for the year to 31 December 2023, down 4% on 2022. However, pre-tax profits were up 126% at €305.4m. The company operates mainly through three segments: agriculture; sugar, ethanol and energy; and land processing, in Brazil, Argentina and Uruguay.

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