Tether Investments will launch a cash tender offer to acquire up to 49,596,510 common shares of Adecoagro (AGRO) at $12.41 apiece, the companies said Thursday.

The agreement reflects about 70% of Adecoagro's outstanding common shares when added to the shares already owned by Tether, the companies said.

Adecoagro shares were up 6.7% in recent premarket activity.