Red Cat Holdings, the Nasdaq-listed maker of uncrewed defence systems, said on Monday 19 October that it intends to make a voluntary public takeover offer for Steyr Motors AG at €39.00 per share in cash, valuing the Austrian engine maker at about €203m.
Why Red Cat Holdings, Inc. (via SMOT Acquisition GmbH) is buying Steyr Motors AG
Red Cat said the deal would strengthen its Blue Ops uncrewed surface vessel strategy by combining Steyr's marine engine technology and manufacturing with its own defence customer relationships. It plans to keep Steyr's headquarters, manufacturing and research and development in Steyr, Austria.
“This proposed transaction is about investing in that foundation and helping Steyr Motors grow.”
Deal terms and financing
The offer will be made through SMOT Acquisition GmbH, a Vienna-based wholly owned subsidiary of Red Cat, and is described as fully financed. The price represents a premium of 28.9% to the closing price on 16 October and 55.8% to the 52-week low. B&C Holding Österreich has irrevocably undertaken to tender its stake of about 15%, and chief executive Julian Cassutti intends to tender his own shares. Steyr's management and supervisory boards intend to support the offer subject to a positive review of the offer document.
Regulatory approvals and timing
The offer is conditional on a minimum acceptance of 50% plus one share and on foreign investment and regulatory approvals in Austria, Italy, Australia and the UK. The acceptance period is expected to end on 18 December 2026, with completion targeted for the first half of 2027.
Market context
Steyr Motors, which makes high-performance engines for military vehicles and boats and auxiliary power units, listed in Frankfurt in 2024. The two companies had held non-binding talks that were discontinued in July 2026 before resuming.
