Red Cat Holdings Announces Voluntary Public Purchase Offer for Steyr Motors AG
Red Cat Holdings, through its wholly-owned subsidiary SMOT Acquisition GmbH, has entered into a Business Combination Agreement to acquire all outstanding shares of Steyr Motors AG, an Austrian company specializing in customized engines for defense and civil applications. The all-cash offer is EUR 39.00 per share, representing a 55.8% premium to Steyr's 52-week low and a 28.9% premium to the October 16, 2026 closing price. The transaction is supported by B&C Holding Österreich GmbH, Steyr Motors' anchor sharehold...
Key takeaways
Red Cat offers EUR 39.00 per share in cash for all 5,251,261 outstanding shares of Steyr Motors, implying total equity value of approximately EUR 204.8 million
Offer represents 55.8% premium to 52-week low, 28.9% premium to October 16, 2026 closing price, and 27.3% premium to 30-day VWAP
Acceptance period ends December 18, 2026 at 5:00 p.m. CET; offer document published October 22, 2026
Transaction conditions include regulatory approvals in Austria, Australia, Italy, and UK by June 30, 2027 and minimum acceptance threshold of 50% plus one share
B&C Holding Österreich GmbH, holding approximately 15% of Steyr Motors, has signed irrevocable undertaking to tender shares
Evercore is financial advisor to Red Cat; Freshfields is legal advisor to Red Cat
Strategic rationale combines Steyr Motors' marine engine technology and Austrian manufacturing base with Red Cat's defense customer relationships and autonomous maritime portfolio
Primary source
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