Investing.com -- Steyr Motors shares soared about 20% Monday after Red Cat Holdings announced a voluntary public purchase offer to acquire all outstanding shares of the Austrian engine manufacturer.
Red Cat, a U.S.-based provider of drone and robotic solutions for defense and national security, offered 39 euros per share in cash for Steyr Motors, a company specializing in customized engines for mission-critical defense and civil applications. The offer represents a 55.8% premium to Steyr Motors' 52-week low, a 28.9% premium to the closing share price on October 16, and a 27.3% premium to the 30-day volume-weighted average price.
The proposed transaction is supported by Steyr Motors' anchor shareholder B&C Group, which has entered into an irrevocable undertaking to tender its shares, representing approximately 15% of Steyr Motors' share capital.
Red Cat said the combination would support Steyr Motors' long-term growth while strengthening Red Cat's uncrewed surface vessel strategy by pairing Steyr Motors' marine engine technology and European operating base with Red Cat's defense customer relationships and autonomous maritime portfolio.
Following completion of the proposed transaction, Red Cat intends to maintain Steyr Motors' headquarters, manufacturing operations and R&D presence in Austria, support existing customer relationships and invest in opportunities to expand Steyr Motors' capabilities in the autonomous maritime market.
The proposed transaction remains subject to customary conditions, including regulatory approvals in Austria, Italy, Australia and the UK, and a minimum acceptance threshold of 50% plus one share.
Original Article
Steyr Motors stock soars 20% on Red Cat tender offer
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