US Drone Maker Red Cat to Acquire Steyr Motors for €205M
US drone maker Red Cat Holdings (Nasdaq: RCAT) has announced a voluntary public takeover offer for all shares of Austrian engine builder Steyr Motors AG at €39 per share in cash, valuing the company at about €205 million. The offer price is 28.9% above the last closing price and 55.8% above the 52-week low. Steyr's anchor shareholder B&C Group has committed to tender its shares, as has CEO Julian Cassutti. The transaction is expected to close by mid-December, subject to regulatory approvals in Austria, Italy, Australia, and the UK. Red Cat aims to secure a key supplier for its Blue Ops maritime division, which plans to produce over 1,000 unmanned surface vessels in 2027. Steyr Motors, with a rich history dating back to the 1920s, has faced recent headwinds including a profit warning and reduced guidance, but holds a significant order backlog of €310 million.