Red Cat, a U.S. drone specialist, has announced a voluntary public takeover offer for all shares of Austrian engine manufacturer . The offer, made through subsidiary SMOT Acquisition GmbH, provides 39.00 euros per share in cash to shareholders.
The bid represents a 29 percent premium over Friday's closing price. SMOT Acquisition GmbH already secured a 15 percent stake from B&C Holding Österreich. CEO Julian Cassutti plans to tender his shares, while the deal requires a 50 percent plus one threshold.
Expected to close in early 2027, the deal expands Red Cat's defense portfolio. The company intends to maintain and grow Steyr Motors' Austrian production and R&D facilities, which specialize in high-performance engines for defense vehicles and marine boats.