Beretta Holding's partial tender offer for Sturm, Ruger & Company was oversubscribed, the Luxembourg-based holding company of the Italian gunmaker said on 16 October, setting it on course to raise its stake in the US firearms maker to about 25%.
Why Beretta Holding S.A. is buying Sturm, Ruger & Company, Inc. (up to 15.02% stake via partial tender offer)
Chairman and chief executive Pietro Gussalli Beretta said the cooperation with Ruger expands Beretta's position in the United States, its largest market.
Deal terms and financing
Beretta offered US$44.80 a share in cash for up to 2,400,184 Ruger shares, about 15.02% of the total. By the 15 October expiry 3,589,647 shares had been validly tendered, with a further 2,652,256 tendered by guaranteed delivery, giving an estimated proration factor of about 38.45%. The final factor will be announced after the guaranteed delivery period, after which Beretta will pay for the accepted shares.
Regulatory approvals and timing
Under the cooperation agreement signed with Ruger in May 2026, Beretta may hold up to 25% of Ruger's voting securities once regulatory conditions are met, is bound by a three-year standstill and may nominate up to two independent directors.
Market context
Beretta already owned about 9.93% of Ruger before the offer. The two companies had been in dispute after Ruger adopted a shareholder rights plan in 2025, before agreeing the cooperation pact.
