By Dave Workman
Editor-in-Chief
In the latest chapter of an ongoing feud between Beretta Holding S.A. and Sturm, Ruger & Company, the Italian-based firearms manufacturer has sent a letter to Ruger’s Board of Directors “regarding a potential partial tender offer for up to 20.05% of the outstanding shares of the Company it does not already own at a purchase price of $44.80 per share in cash,” according to a notice posted Thursday at The Outdoor Wire, which has been covering the controversy.
Ruger subsequently issued a terse response, noting the Board, “has received a letter from Beretta Holding S.A. (“Beretta”), in which Beretta proposes, subject to certain conditions, to commence a partial tender offer for up to 20.05% of the outstanding shares of the Company, which if successful would effectively increase Beretta’s ownership stake in Ruger to approximately 30%. Such proposed partial tender offer has not actually commenced.
“Shareholders do not need to take any action at this time,” the Ruger statement said. “The Board, in consultation with its financial and legal advisors, will assess Beretta’s letter and respond in due course.”
In its 1,301-word message posted at The Outdoor Wire, Beretta Holding asserted, “From the outset, Beretta Holding has been clear about the desire to make a more meaningful investment in the Company, further enhancing alignment with all shareholders; however, the Ruger Board responded by immediately and defensively standing in the way.”
The controversy leaped into the spotlight earlier this month, with the two companies posting their perspectives. The Outdoor Wire has been diligently posting each side’s public messages, essentially allowing readers to make their own conclusions.
Further in its letter, Beretta Holding states, “The potential tender offer described above has not yet commenced. This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell shares of common stock.”
Beretta also encourages Ruger stockholders to “read the tender offer statement.”
“Beretta Holding intends to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit votes for the election of Beretta Holding’s slate of highly qualified director nominees at the 2026 annual meeting of stockholders of the Company,” the letter states.
