Austria's Steyr Motors receives takeover offer from US drone firm Red Cat

Steyr Motors AG

Mon 08:04

Oct 19 (Reuters) - Austrian engine and engine parts manufacturer Steyr Motors 4X0.VI said on Monday that Red Cat Holdings RCAT.O plans to launch a voluntary takeover offer for all of its shares at €39 ($43.8) apiece in cash, a 28.9% premium to the stock's last closing price.
B&C Holding Österreich, which owns about 15% of Steyr Motors, has agreed to tender its stake into the offer, Steyr said.
The transaction is subject to conditions including foreign direct investment approvals and a minimum acceptance threshold of 50% plus one share.
US-listed drone technology company Red Cat expects to complete the acquisition in the first half of 2027.
Steyr Motors CEO Julian Cassutti said he intends to tender his own shares into the offer.
Steyr Supervisory Board Chairman Rolf Wirtz said the board sees strategic potential in the proposed combination
Shares in Steyr seen up 20% in Tradegate premarket indication.

($1 = 0.8910 euros)

 (Reporting by Amir Orusov
Editing by Ludwig Burger)
 ((Amir.orusov@thomsonreuters.com))