Beretta caps Ruger tender at 25% after strong shareholder response
Beretta will buy up to 2.4 million Ruger shares after preliminary tenders exceeded the offer’s maximum, requiring a proportional allocation.
Key takeaways
- Beretta will buy up to 2,400,184 Ruger shares for about $107.5 million.
- Preliminary figures point to a 38.45% allocation rate for tendered shares.
Beretta Holding will acquire up to 2,400,184 shares in Sturm, Ruger & Company, equal to 25% of the U.S. gunmaker, after its cash offer drew more shares than the maximum available. The purchase is valued at up to about $107.5 million.
A preliminary count showed 6,241,903 shares tendered, including shares covered by guaranteed-delivery notices. Beretta estimated that about 38.45% of tendered shares would be accepted, with the final allocation rate still to be set.
The offer expired on Oct. 15. Beretta previously held 10% of Ruger and will be able to appoint two independent directors under the transaction. Ruger shares were $42.94 as of Oct. 15, down 0.14% from the previous close.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
