ROME, Sept 17 (Reuters) – Beretta Holding, the owner of historic Italian gunmaker Beretta, has launched an offer to more than double its stake in U.S. sporting firearm manufacturer Sturm, Ruger & Co. as part of a strategic partnership the two firms agreed in May. Beretta Holding is offering $44.80 per share, a premium of around […]
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Beretta Holding launches offer to raise stake in Sturm Ruger
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ROME, Sept 17 (Reuters) – Beretta Holding, the owner of historic Italian gunmaker Beretta, has launched an offer to more than double its stake in U.S. sporting firearm manufacturer Sturm, Ruger & Co. as part of a strategic partnership the two firms agreed in May.
Beretta Holding is offering $44.80 per share, a premium of around 21% versus Wednesday’s closing price, to secure up to 25% of Sturm Ruger from a current stake of 9.93%.
The additional investment will cost around $108 million, it said. The offer runs until October 15 and is not subject to reaching a minimum threshold or to any financing condition.
Chairman and CEO Pietro Gussalli Beretta said the investment in Sturm, Ruger – the only publicly listed firm in Beretta Holding’s portfolio of around 50 companies – was “a concrete step toward strengthening our presence in the United States, the world’s largest market” for firearms.
The launch of the offer follows Wednesday’s announcement by Sturm Ruger that applicable regulatory conditions under its previously announced cooperation agreement with Beretta Holding have been satisfied.
(Reporting by Alvise Armellini, editing by Gianluca Semeraro and Keith Weir)