Adecoagro (AGRO) said Tuesday has started exclusive discussions with Tether Investments, which is seeking to acquire 51% of the agriculture company's shares for $12.41 per share.

The digital assets manager disclosed in a regulatory filing Tuesday that the exclusive talks are slated to run through March 16. The companies said they had signed an exclusivity agreement, which Tether also said contains a standstill provision barring Tether from acquiring or selling any Adecoagro shares until the current discussions are completed.

Tether said it recently increased its equity stake in Adecoagro to nearly 20.4 million shares, or just over 20% of Adecoagro's outstanding stock.

Adecoagro said there is no guarantee the current talks will produce a deal, adding it does not plan to make any public statement unless there is a material development requiring its disclosure.

Price: 10.84, Change: +0.23, Percent Change: +2.17