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Red Cat proposes €39-a-share Steyr Motors offer with 50%-plus-one threshold
The all-cash proposal values the Austrian engine maker at about €204.8 million. It still needs regulatory approvals and enough tenders to put Red Cat above half of Steyr’s shares.
Red Cat Holdings has proposed a voluntary cash offer for every share of Austria’s Steyr Motors at €39 each, valuing the transaction at about €204.8 million. Steyr disclosed the intended offer on October 19, while Reuters independently reported the terms and an initial 20% rise in Steyr shares.
The proposal is not a completed acquisition. It requires foreign-investment and other approvals, and the buyer must own at least 50% plus one share when the acceptance period ends. Red Cat says it aims to complete the transaction in the first half of 2027, but completion and timing are not assured.
What shareholders are being offered
Red Cat plans an all-cash voluntary public purchase offer through a wholly owned Austrian subsidiary. The €39 price is also 27.3% above the 30-day volume-weighted average and 55.8% above Steyr’s 52-week low.
An offer for all shares does not mean Red Cat must reach 100% ownership. The operative minimum is more than half: 50% plus one share at the end of the acceptance period.
How much support is already committed
B&C Holding Österreich signed an irrevocable undertaking covering approximately 15% of the share capital. Steyr chief executive Julian Cassutti also said he intends to tender his own shares.
Those commitments support the proposal but do not meet the minimum threshold by themselves. Other shareholders decide after the formal offer document is published.
Why Red Cat wants the engine maker
Red Cat says Steyr’s marine-engine technology, Austrian manufacturing base and engineering team would support its Blue Ops uncrewed-surface-vessel strategy.
Those are plans, not completed integration results. The transaction follows non-binding talks that ended in July and were later resumed as a fully financed cash proposal.
The remaining conditions and timetable
Red Cat expects the acceptance window to end December 18 at 5 p.m. CET. Approvals are needed in Austria, Italy, Australia and the United Kingdom.
Reuters reported a first-half 2027 completion target. Until approvals and tenders are secured, the accurate description is a proposed offer—not a closed acquisition.
