Red Cat Holdings to acquire Steyr Motors

US-based defense technology company Red Cat Holdings has announced a voluntary public takeover bid for Steyr Motors AG. The offer is set at 39.00 EUR per share in cash, representing a premium of approximately 29 percent over the previous Friday's closing price on the Vienna Stock Exchange.

Red Cat, which specializes in unmanned systems such as drones and autonomous watercraft, intends to utilize the Austrian company as a European competence center. The company stated that production, research, and development activities will remain in Steyr, with plans to expand manufacturing capabilities at the site.

Steyr Motors produces high-performance engines for defense vehicles, maritime applications, and auxiliary units for tanks and locomotives. The takeover bid has received support from Steyr Motors CEO Julian Cassutti, who intends to tender his own shares, as well as from the B&C Group, which holds a 15 percent stake in the company.