Sturm, Ruger & Company, Inc. (NYSE: RGR) shareholders rushed to sell to Beretta Holding in its $44.80-per-share tender offer. Beretta said Friday that holders tendered about 6.24 million Ruger shares, roughly 2.6 times the 2.4 million shares it offered to buy. Because the offer was oversubscribed, Beretta will buy only about 38% of each holder’s tendered shares. That will take its stake from about 10% to roughly 25%. Ruger shares fell 2.8% to $41.75 Friday morning, down from Thursday’s close of $42.94 and well below the offer price, now that the offer has closed.

Key Points

• Holders tendered 6,241,903 Ruger shares, including 2,652,256 by notice of guaranteed delivery, against a cap of 2,400,184 shares.
• Beretta estimates a proration factor of about 38.45%, so it will buy about 38 of every 100 shares a holder tendered.
• If fully completed, Beretta’s stake will rise from 9.93% to about 24.95% of Ruger’s outstanding shares.
• Ruger’s board stayed neutral on the offer, and Beretta has said its goal is investment, not control.

Sturm, Ruger (NYSE: RGR) Holders Jump at the Premium

The offer expired just after midnight on Thursday. Excluding guaranteed-delivery shares, 3,589,647 shares were validly tendered. Beretta’s proration estimate assumes all guaranteed-delivery shares arrive within one trading day, and the depositary must still confirm the final figure. Beretta will pay for the accepted shares and return the rest promptly after the final proration is set.

The strong turnout shows that many Ruger holders saw $44.80 as an attractive exit. Beretta launched the offer on September 17, and Ruger shares rose about 8% the next day.

Beretta Makes Its First Public-Company Investment

For Beretta, the deal is a milestone. “This investment represents a significant milestone for Beretta Holding,” said Chairman and CEO Pietro Gussalli Beretta, who noted it is the company’s first stake in a publicly listed company.

Beretta made the offer under a cooperation agreement it signed with Ruger on May 2, 2026. In its SEC filings, Beretta said it intends the purchase as an investment and not to gain control of Ruger. Ruger’s board, for its part, made no recommendation on whether holders should tender or keep their shares.

What Comes Next for Sturm, Ruger (NYSE: RGR)

Once the offer closes, Beretta will own about one quarter of Ruger, one of America’s largest firearms makers. That makes it by far Ruger’s biggest shareholder and a strategic partner from inside the industry. Investors will now watch how the cooperation agreement develops and whether Beretta seeks a bigger role over time.

Meanwhile, Beretta will return the roughly 62% of tendered shares it won’t buy, and those shares will be free to trade again. That may weigh on the stock in the near term, since it now trades below the offer price. Ruger is a member of the PRISM Aerospace and Defense Index and has a market value of about $667 million.

The post Beretta’s Ruger Tender Draws 2.6 Times the Shares It Sought, Lifting Its Stake to About 25% appeared first on PRISM MarketView.

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