Beretta Holding reaches about 25% of Sturm Ruger as its tender offer draws 6.24 million shares

Italian firearms maker Beretta Holding has secured about 25% of US rival Sturm Ruger (ST2.F), based in Southport, through a tender offer (the "beretta sturm ruger opa") that drew strong shareholder participation. Adding shares already delivered to those tendered under guaranteed delivery, 6,241,903 shares have been delivered to the offer.

The result gives an Italian group a sizeable position in a United States-listed peer, and it is the main reason the deal matters to investors in the firearms industry. Beretta described it as the opening of a "new chapter in the US".

What happened

Beretta Holding's tender offer for Sturm Ruger & Company ended with a high level of acceptances. According to the figures in the brief, 3,589,647 shares had already been delivered to the offer.

A further 2,652,256 shares were tendered with a notice of guaranteed delivery, a mechanism under which the holder formally commits to deliver the shares afterwards. Together the two groups give 6,241,903 shares, which brings Beretta to roughly a quarter of the company's capital.

• Shares already delivered: 3,589,647
• Shares under guaranteed delivery: 2,652,256
• Total delivered to the offer: 6,241,903
• Resulting stake: about 25%

The offer was filed with US regulators as a tender offer statement, and Sturm Ruger's board responded with its own solicitation/recommendation statement, as the filings for fiscal 2026 show.

What did Beretta say?

Pietro Gussalli Beretta, speaking for the group, said the result "è una pietra miliare nel nostro gruppo", that is, a milestone for the group. The company framed the transaction as the start of a new phase for its operations in the United States.

Why it matters

The deal matters because it ties a leading Italian gunmaker to a US-listed manufacturer and gives Beretta Holding a significant shareholding in the world's largest consumer firearms market. It is also a rare case of a European firearms group using a public offer on Wall Street to build a stake.

For Sturm Ruger shareholders, the strong take-up shows that a large block of holders chose to tender. Market data show the company's latest reported quarter delivered earnings per share of 2.5 against an estimate of 1.72, and the stock has a trailing price-to-earnings ratio of 61.14, so the offer comes after a quarter that beat expectations.

What are the risks and open questions?

The figures include 2,652,256 shares tendered through guaranteed delivery, so the final stake depends on those shares actually being delivered. The material available does not set out Beretta's longer-term intentions beyond the stake, nor how Sturm Ruger's board and management will work with a 25% holder. Those points are not settled by the figures reported so far.

What to watch next

The next step is the final tally of delivered shares once the guaranteed-delivery period closes, which will confirm whether the stake stays at about 25%. Further filings by Beretta Holding and Sturm Ruger with US regulators are the likely place for updates, although the material does not give dates.

• Settlement of the 2,652,256 shares under guaranteed delivery
• Any amended tender offer or recommendation filings
• Statements on how Beretta intends to use its stake in the US