Beretta's $44.80 Tender Offer for Ruger Oversubscribed 2.6x, Proration Set at 38%
RGR sits 52% above its 52-week low of $28.33 on elevated volume (5.7× avg).
Summary
Beretta's $44.80-per-share cash tender offer for up to 2,400,184 Ruger shares expired October 15 and was heavily oversubscribed: 3,589,647 shares were validly tendered and not withdrawn, plus another 2,652,256 by notice of guaranteed delivery. Because demand exceeded the cap, Beretta will buy only its stated maximum and prorate tendering holders at a preliminary factor of roughly 38.45%. The offer price sits above the current $42.94 quote, so tendering shareholders accepted a premium to the market. This closes out the partial tender first launched September 17 and follows Ruger's board declining to take a position on it in its September 28 SC 14D9. Beretta, which is lifting its stake from 10% toward 25% and taking two board seats, frames this as its first investment in a U.S.-listed company and a platform for expanding Ruger internationally. Final proration will be confirmed after the guaranteed-delivery period; payment and return of unpurchased shares follow that confirmation.
At the time of this announcement, RGR was trading at $42.94 on NYSE in the Manufacturing sector, with a market capitalization of approximately $686.1M. The 52-week trading range was $28.33 to $48.21. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.