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Beretta Holding has outlined plans to increase its stake in Sturm, Ruger & Company, proposing a partial tender offer that would take its shareholding to as much as 30% if approved by the company’s board.

The family-owned group, which already holds a 9.95% stake in Ruger, has submitted a proposal to acquire up to 20.05% of the outstanding shares it does not currently own at a price of $44.80 per share in cash. The offer represents a premium of approximately 20% to the company’s 60-day volume-weighted average share price.

In a letter addressed to the Ruger Board of Directors, Beretta Holding stated that it has long expressed an interest in increasing its investment in the US manufacturer, positioning the move as a way to strengthen alignment with shareholders and support long-term value creation.

However, the group indicated that its approach has been met with resistance, claiming the board has taken a defensive stance by maintaining its shareholder rights plan, commonly referred to as a “poison pill,” introduced in October 2025. Beretta Holding has requested that the board grant an exemption to allow it to increase its ownership via a tender offer, enabling shareholders to decide whether to accept the proposal.

The company argued that shareholders should have the opportunity to partner with what it described as a long-term strategic investor with deep industry expertise, rather than continue under the current structure. It also pointed to what it characterised as limited share ownership among board members and a period of declining value during their tenure.

Beretta Holding said it remains open to constructive engagement and ongoing dialogue with Ruger’s leadership in pursuit of an outcome that benefits both companies and their stakeholders.

Addressing potential competition concerns, the group emphasised that it should not be viewed as a direct competitor to Ruger in the US market. It noted that the majority of its US business is focused on shotguns, ammunition and optics, with rifles and pistols representing a smaller portion of its portfolio and positioned differently within the market.

The company also highlighted its long-standing presence in the United States, where it has operated for more than 50 years. Through nine entities employing close to 700 people, Beretta Holding said its footprint reflects sustained investment and an established industrial base in the market.

The proposal now places the decision in the hands of Ruger’s board, with the outcome likely to be closely watched across the global firearms industry given the potential implications for ownership structure and strategic direction.