Beretta launches partial tender for Ruger shares at $44.80

Beretta Holding began a cash tender offer to purchase up to 2,400,184 shares of Sturm, Ruger ($RGR) at $44.80 each. The price represents an approximately 21% premium to the preceding closing price, according to the offer announcement. The proposed purchase is a partial tender for a specified number of shares, not an offer to acquire every outstanding Ruger share.

The tender is not subject to a minimum number of shares being offered or to a financing condition, although other conditions still apply. Its stated expiry falls in mid-October unless extended or terminated. The fixed offer price is distinct from the market price, and the announcement does not confirm completion or a full change of control. Beretta, rather than Ruger itself, is the purchaser.

Sources:

• Beretta Holding — Ruger tender terms, company release reprint