Tether, the crypto firm behind the $140 billion dollar USDT stablecoin, made an “unsolicited” proposal to acquire a majority stake in Latin American agricultural commodities producer firm Agrodeco (AGRO).
Submitted on Feb. 14, the $12.41 per share offer was to bring to Tether’s stake in the company from the current 19.4% to 51%, according to a Tuesday press release by Adecoagro.
The Adecoagro board met on Feb. 16 to discuss the bid and has engaged financial and legal advisors to determine whether accepting the offer aligns with shareholders’ interests, the company said.
Adecoagro’s shares jumped 8% premarket to $10.48 in premarket trading in New York.
Adecoagro is a major player in South America’s agribusiness sector focusing on sugar, ethanol, dairy, and crop production and operating across Argentina, Brazil, and Uruguay.
Tether’s investment offer comes as the company is expanding beyond its core crypto business. The stablecoin issuer said it raked in $13 billion in net profits last year.
Read more: Tether’s $100M Investment in LatAm Agriculture Firm May Be a Tokenization Play
