Beretta's Oversubscribed Ruger Tender Closes With 39.4% Proration, 25% Stake
RGR sits 60% above its 52-week low of $28.33 on elevated volume (1.9× avg).
Summary
Beretta's $44.80-a-share partial tender for 2,400,184 Ruger shares closed heavily oversubscribed: 6,094,325 shares were validly tendered, so holders get roughly 39.4% of what they submitted. Beretta paid about $107.5 million and now owns approximately 25.0% of Ruger, up from 10% before the offer. The deal was already flagged as oversubscribed on October 16; the new detail is the final count, the proration factor and the confirmed 25% stake. That stake plus the two board seats Beretta sought gives it real influence over a company with a roughly $733 million market cap, and the September 16 termination of Ruger's rights plan cleared the way. The tender was priced at $44.80 versus today's $45.40, so the market is already trading above the offer.
At the time of this announcement, RGR was trading at $45.40 on NYSE in the Manufacturing sector, with a market capitalization of approximately $733.4M. The 52-week trading range was $28.33 to $47.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.