Red Cat Holdings Subsidiary Plans EUR 39 Per Share Cash Tender Offer for Steyr Motors

SMOT Acquisition GmbH, a wholly owned subsidiary of US defense drone provider Red Cat Holdings $RCAT, intends to make a voluntary public tender offer for all shares of Austria's Steyr Motors AG at EUR 39.00 per share in cash. The proposed EUR 39.00 offer price represents a 28.9% premium over Steyr's Xetra closing price on October 16, 2026, and a 55.8% premium over its 52-week low. B&C Holding Österreich GmbH, which holds approximately 15.0% of Steyr's shares, has signed an agreement obligating it to accept the offer, while Steyr CEO Julian Cassutti also stated his intention to tender his shares. The transaction requires a minimum acceptance threshold of 50% plus one share alongside foreign direct investment and regulatory clearances, with the acceptance period expected to end on December 18, 2026, and completion targeted for the first half of 2027. Steyr Motors produces high-density customized engines for military vehicles, marine vessels, and main battle tank auxiliary power units, which Red Cat plans to maintain on-site in Austria as a potential anchor for its European unmanned systems expansion. "Steyr Motors has built a strong business in Austria with specialized engineering talent, trusted customer relationships and proven marine engine technology. This proposed transaction is about investing in that foundation and helping Steyr Motors grow." — Jeff Thompson, Chief Executive Officer of Red Cat.