Beretta Holding launches a takeover bid for Ruger to increase its stake to 25 per cent; the share price soars

“Our investment in Ruger, one of the industry’s most iconic and respected manufacturers, marks an important milestone for Beretta Holding, as it is our first investment in a publicly listed company,” commented Pietro Gussalli Beretta, Chairman and Chief Executive Officer of Beretta Holding. “ “This investment reflects the evolution of our group, which now comprises a global portfolio of over 50 companies, and represents a concrete step towards strengthening our presence in the United States, the world’s largest market.”

However, today’s move is also particularly significant from a financial perspective: the price of $44.80 represents a significant premium for shareholders compared with the share prices prior to the transaction.

This new phase comes after months of discussions between Beretta Holding and Ruger’s board. At the start of the year, the holding company had expressed its intention to acquire further shares in addition to the 9.9 per cent it already held, but Ruger’s board was opposed to this and had defended itself by activating a poison pill to prevent its stake from rising above 9.9 per cent.

The subsequent strategic agreement in May changed the situation. Beretta Holding withdrew its nominations for the board in relation to the 2026 AGM and, according to Ruger’s announcement, a three-year standstill period has been agreed, with specific commitments regarding the management of the shareholding.

Now that the regulatory conditions have been met and the poison pill has been lifted, the project is entering its decisive phase.

The immediate issue is the acceptance of the offer by Ruger shareholders. The offer does not, in fact, specify a minimum threshold: Beretta Holding has stated that it intends to purchase up to 2,400,184 shares on the terms set out in the offer document.

The outcome will therefore determine the actual extent of the increase in the holding company’s stake in the US company’s share capital. Underlying this is the objective set out in the strategic agreement: to increase Beretta Holding’s stake to 25 per cent, including through the direct purchase of shares on the market, whilst also having the option to extend the offer beyond 15 October, thereby consolidating the relationship between two long-established manufacturers in the sporting and firearms industry.

Beretta Holding, a global and diversified group that controls over 50 companies, with a leading global position in small arms, optical products and ammunition, in 2025 generated a turnover of €1.68 billion with an EBITDA of €254 million and employs over 6,000 people. Beretta Holding’s turnover is split between the civilian sector (hunters and sports enthusiasts – approximately 60 per cent of the Holding’s turnover) and the defence sector (approximately 40 per cent of the Holding’s turnover).

In this sense, the 15 October deadline marks the next financial milestone in this saga. For Ruger and Beretta Holding, the situation that has been unfolding over recent months is now entering its market phase.