Beretta Holdings S.A. Tender Offer for Sturm, Ruger & Co. Shares

Beretta Holdings S.A. has submitted an amendment to its Schedule 13D filing regarding its ownership of Sturm, Ruger & Co. The amendment discloses a letter sent to Sturm, Ruger's board of directors on March 25, 2026, indicating Beretta Holdings' readiness to launch a tender offer for up to 20.05% of Sturm, Ruger's outstanding common stock not already owned by Beretta Holdings. The proposed tender offer price is $44.80 per share, a 20% premium over the 60-day volume-weighted average price. Beretta Holdings states that this tender offer is contingent upon Sturm, Ruger granting an exemption to its shareholder rights plan (poison pill). Beretta Holdings emphasizes that it is not seeking control of Sturm, Ruger but aims to become a more significant shareholder and strategic partner to enhance the company's value. The letter expresses disappointment with Sturm, Ruger's board and management's response to their engagement, accusing them of misrepresenting Beretta Holdings' intentions and adopting defensive measures. Beretta Holdings requests the board to grant the exemption by March 31, 2026, to proceed with the tender offer, asserting that failure to do so would indicate the board prioritizing self-preservation over shareholder interests.