The management and supervisory boards of Steyr Motors AG recommended shareholders accept a voluntary public purchase offer from US drone and defence group Red Cat Holdings on Nov. 2, 2026. The joint reasoned statement says the boards consider the €39.00-per-share cash price fair and attractive and that the offer is “in the best interests of the company, its employees and its shareholders.”
The deal on the table
Red Cat launched the offer in mid‑October, proposing to buy all outstanding Steyr Motors shares at €39 in cash — a premium of about 28.9% to the stock’s close on Oct. 16 — giving the transaction an enterprise value of roughly €205 million. Anchor shareholder B&C has agreed to tender its roughly 15% stake and Steyr’s CEO Julian Cassutti said he intends to tender his own shares. The purchase offer is subject to a minimum acceptance threshold (50% plus one share) and foreign‑direct‑investment approvals in Austria, Australia, Italy and the UK.
What the company and buyer have pledged
In its Nov. 2 announcement, Steyr’s boards said an independent PwC fairness opinion confirmed the price as financially appropriate. The Business Combination Agreement between Red Cat and Steyr includes contractual commitments that Steyr will keep its registered office, production, R&D and headquarters in Steyr, Austria; Red Cat has also agreed not to initiate changes to existing works or collective bargaining agreements and to preserve the Management Board for the near term. The acceptance period runs until Dec. 18, 2026.
