The historic Italian arms company Beretta Holding announced apublic offer of purchase (OPA) on 20,05% of the capital of the American Sturm Ruger, listed on Wall Street. The proposed price is $44,80 per share, a 20% premium over the average of the last two months and a 10% premium over the closing price on March 24. Following the announcement, the title Ruger closed yesterday, Wednesday, March 25, at $43,53 (+6,85%), demonstrating the market's positive reaction. The stake Beretta is aiming to acquire is worth approximately $130 million, considering Ruger's total market capitalization of $683,4 million. In recent years, the American stock has lost more than half its value from its 2021 highs, making the transaction particularly significant.
Beretta aims to collaborate with Ruger: "Not for control."
Currently Beretta is already the Ruger's largest shareholder with 9,95% of the shares, and the takeover bid would allow arrivare to hold overall the 30% of the American manufacturer. In a letter sent to the Ruger board of directors, the general manager Robert Eckert has asked to suspend the “poison pill” defense mechanism adopted last October, which expires at the end of March.
“We are not aiming to take over Ruger – Eckert underlined – but we want to start a strategic collaboration”. Last month Beretta had already launched a battle for proxies (proxy fight) to obtain four out of nine board seats ahead of the May 29th meeting, with the aim of facilitating a deal. For its part, the American company has characterized Beretta's moves as a "creeping takeover," accusing the shareholder of not negotiating in good faith and denouncing pressure and threats against other shareholders.
In the United States, Beretta focuses on hunting rifles, ammunition, and optics, with approximately 700 employees in nine local locations, while Ruger produces firearms exclusively for the American market. This complementarity makes the two companies strategic partners More than competitors, with potential industrial synergies from Beretta's global experience and Ruger's established presence in the United States. The takeover bid therefore aims to strengthen the bond between the two companies and align their industrial interests.
A historic holding company with an international growth strategy
Founded in 1526 and led by Pietro Gussalli BerettaBeretta Holding closed 2024 with revenues of $1,67 billion, 40% of which was generated in the United States, and an EBITDA of €253 million. The company has adopted an ambitious external growth policy, currently controlling approximately 50 companies, including the Swiss ammunition specialist Ruag Ammotec.
The three main divisions—firearms, ammunition, and optics—make Beretta an integrated group, with a growing share in the defense sector, which now represents 40% of its turnover. The traditional segment, linked to sporting and hunting weapons, continues to experience stable growth rates.
