Red Cat proposes €39-per-share cash offer for Steyr Motors

Red Cat Holdings has proposed a €39-per-share cash offer for all outstanding shares of Austrian engine maker Steyr Motors, valuing the bid at a 28.9% premium to Steyr’s October 16 closing price and 55.8% above its 52-week low. Steyr’s anchor shareholder, B&C Group, has agreed to tender its approximately 15% stake, while the offer requires regulatory clearances and acceptance of at least 50% plus one share; Red Cat expects a possible completion in the first half of 2027. Red Cat says the acquisition would strengthen its Blue Ops autonomous maritime business by combining Steyr’s marine-engine technology and manufacturing with Red Cat’s defense relationships and uncrewed-vessel plans. The company says it intends to retain Steyr’s Austrian headquarters, manufacturing and research operations, and support its existing customer-agnostic business.