<SEC-DOCUMENT>0000950103-25-003463.txt : 20250314
<SEC-HEADER>0000950103-25-003463.hdr.sgml : 20250314
<ACCEPTANCE-DATETIME>20250314162812
ACCESSION NUMBER:		0000950103-25-003463
CONFORMED SUBMISSION TYPE:	SC14D9C
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250314
DATE AS OF CHANGE:		20250314

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC14D9C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86092
		FILM NUMBER:		25740419

	BUSINESS ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adecoagro S.A.
		CENTRAL INDEX KEY:			0001499505
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC14D9C

	BUSINESS ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
		BUSINESS PHONE:		352 2689-8213

	MAIL ADDRESS:	
		STREET 1:		28, BOULEVARD F.W. RAIFFEEISEN
		CITY:			N/A
		STATE:			N4
		ZIP:			L-2411
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC14D9C
<SEQUENCE>1
<FILENAME>dp226344_sc14d9c.htm
<DESCRIPTION>FORM SC14D9C
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14D-9</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14d-101)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Solicitation/Recommendation Statement</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under Section 14(d)(4) of the Securities Exchange
Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Subject Company)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Persons Filing Statement) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares, par value $1.50 per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L00849106</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Number of Class of Securities)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Manuela Lamellari</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>28, Boulevard F.W. Raiffeisen,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L-2411, Luxembourg</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Grand Duchy of Luxembourg</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: +352.2644.9372</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, and telephone numbers of person
authorized to receive notices and communications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>on behalf of the persons filing statement</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>With copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maurice Blanco</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>James Dougherty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 450-4000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 3%; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="width: 97%; font-size: 12pt"><FONT STYLE="font-size: 10pt">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14D-9 filing relates solely to preliminary communications
concerning the proposal by Tether Investments S.A. de C.V. (&ldquo;Tether&rdquo;) to acquire outstanding Common Shares of Adecoagro S.A
(the &ldquo;Company&rdquo;) through a tender offer that would result in Tether holding 51% of the outstanding Common Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14D-9 filing consists of the following communication
listed below related to the proposed tender offer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Excerpt from the Company&rsquo;s 4Q24 earnings call transcript.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>No Offer or Solicitation; Additional Information
and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #404040">The tender offer referenced in this
communication has not yet commenced.&nbsp;&nbsp;This announcement is for informational purposes only and is neither an offer to
purchase nor a solicitation of an offer to sell securities.&nbsp;&nbsp;The solicitation and offer to buy the Company&rsquo;s
securities will only be made pursuant to an Offer to Purchase and related tender offer materials.&nbsp;&nbsp;At the time the tender
offer is commenced, Tether will be required to file a tender offer statement on Schedule TO and thereafter the Company will file a
Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer.&nbsp;&nbsp;<B>THE TENDER
OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE
SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION.&nbsp;&nbsp;THE COMPANY&rsquo;S
STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
THAT HOLDERS OF THE COMPANY&rsquo;S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR
SECURITIES.</B>&nbsp;&nbsp;These materials will be made available to the Company&rsquo;s stockholders at no expense to
them.&nbsp;&nbsp;The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the
SEC's website at </FONT><FONT STYLE="color: #404040">www.sec.gov</FONT><FONT STYLE="color: #404040">.&nbsp;&nbsp;Copies
of the documents filed by the Company with the SEC by will be available free of charge on the Company&rsquo;s internet website at </FONT><FONT STYLE="color: blue"><U>www.adecoagro.com</U></FONT> <FONT STYLE="color: #404040">or
by contacting the Company&rsquo;s investor relations department at </FONT><FONT STYLE="color: #3D98C6">ir@adecoagro.com</FONT><FONT STYLE="color: #404040">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">This communication contains information that may constitute
forward-looking statements for purposes of applicable securities laws. Forward-looking statements can be identified by the fact that they
do not relate strictly to historic or current facts and often use words such as &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;believe,&rdquo; &ldquo;will likely result,&rdquo; &ldquo;outlook,&rdquo; &ldquo;project&rdquo; and other words and expressions
of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially
from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those
set forth in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s Form 20-F for the fiscal year ended December 31, 2023 and subsequent
filings with the SEC. The Company may not succeed in addressing these and other risks. Consequently, all forward-looking statements in
this communication are qualified by the factors, risks and uncertainties contained therein. In addition, the forward-looking statements
included in this communication represent the Company&rsquo;s views as of the date of this communication and these views could change.
However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any
obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as
representing the Company&rsquo;s views as of any date subsequent to the date of this communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The following is an excerpt from the Company&rsquo;s 4Q24 earnings
call transcript which contains statements about the proposed tender offer</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emilio Gnecco:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Before we conclude our earnings presentation and open the call to questions,
I would like to address recent developments concerning Tether&rsquo;s proposal to acquire a majority stake in Adecoagro, which we announced
in recent press releases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 14, 2025, our Board received an unsolicited, non-binding
proposal from Tether Investments to acquire outstanding common shares at $12.41 per share, aiming to increase their holdings to 51%. Tether
currently holds approximately 20.2% of our shares, as per their last public filing on February 25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Board convened on February 16 to discuss this proposal. We engaged
legal and financial advisors to evaluate the proposal&rsquo;s terms and whether they align with the best interests of our shareholders
and the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequently, we entered into discussions with Tether and signed an
Exclusivity Letter to facilitate further negotiations. While these discussions are ongoing, there&rsquo;s no assurance that we will reach
a definitive agreement or complete a transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Having said this, please note that due to legal restrictions, we will
not be able to comment further or answer questions on the Tether proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you very much for your time. We will now open the call to questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>No Offer or Solicitation; Additional Information
and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #404040">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #404040">The tender offer referenced in this
communication has not yet commenced.&nbsp;&nbsp;This announcement is for informational purposes only and is neither an offer to
purchase nor a solicitation of an offer to sell securities.&nbsp;&nbsp;The solicitation and offer to buy the Company&rsquo;s
securities will only be made pursuant to an Offer to Purchase and related tender offer materials.&nbsp;&nbsp;At the time the tender
offer is commenced, Tether will be required to file a tender offer statement on Schedule TO and thereafter the Company will file a
Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer.&nbsp;&nbsp;<B>THE TENDER
OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE
SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION.&nbsp;&nbsp;THE COMPANY&rsquo;S
STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
THAT HOLDERS OF THE COMPANY&rsquo;S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR
SECURITIES.</B>&nbsp;&nbsp;These materials will be made available to the Company&rsquo;s stockholders at no expense to
them.&nbsp;&nbsp;The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the
SEC's website at </FONT><FONT STYLE="color: #404040">www.sec.gov</FONT><FONT STYLE="color: #404040">.&nbsp;&nbsp;Copies
of the documents filed by the Company with the SEC by will be available free of charge on the Company&rsquo;s internet website at </FONT><FONT STYLE="color: blue"><U>www.adecoagro.com</U></FONT><FONT STYLE="color: #404040">
or by contacting the Company&rsquo;s investor relations department at </FONT><FONT STYLE="color: #3D98C6">ir@adecoagro.com</FONT><FONT STYLE="color: #404040">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">This communication contains information that may constitute
forward-looking statements for purposes of applicable securities laws. Forward-looking statements can be identified by the fact that they
do not relate strictly to historic or current facts and often use words such as &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;believe,&rdquo; &ldquo;will likely result,&rdquo; &ldquo;outlook,&rdquo; &ldquo;project&rdquo; and other words and expressions
of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially
from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those
set forth in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s Form 20-F for the fiscal year ended December 31, 2023 and subsequent
filings with the SEC. The Company may not succeed in addressing these and other risks. Consequently, all forward-looking statements in
this communication are qualified by the factors, risks and uncertainties contained therein. In addition, the forward-looking statements
included in this communication represent the Company&rsquo;s views as of the date of this communication and these views could change.
However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any
obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as
representing the Company&rsquo;s views as of any date subsequent to the date of this communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>


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