Sturm, Ruger & Company, Inc.
RGRReporting person: Beretta Holding S.A.(fund)
Beretta Holding seeks 30% stake via tender offer, demands poison pill exemption
Primary demands
- poison pill exemption to acquire up to 30% beneficial ownership
- board representation via nominated director slate
- strategic partnership to improve operational performance
- premium partial tender offer for up to 20.05% of shares
No advisor data on record for this deal.
Beretta Holding S.A., currently holding 9.95% of Sturm, Ruger & Company, proposes an all-cash partial tender offer for up to 20.05% of outstanding shares at $44.80 per share (approximately 20% premium to 60-day VWAP) and requests a board exemption from the company's shareholder rights plan to acquire beneficial ownership of up to 30%. The activist states its goal is strategic partnership to improve operational performance, not control, and claims the board's defensive posture and mischaracterization of Beretta as a direct competitor obstructs constructive engagement. Beretta has nominated a minority slate of four director candidates and intends to solicit proxies for the 2026 annual meeting.