Talyn
Emissary
With the tender offer for shares of Ruger having expired at midnight, Thursday, October 15 eastern time, Ruger shareholders appear to have overwhelmingly endorsed the idea of Beretta Holding, S.A. becoming the new owners of 2,400,184 shares of Ruger stock.
In fact, the shareholders oversubscribed the tender offer, with Beretta Holding announcing this morning that a total of 3,589,647 shares had been “validly tendered and not properly withdrawn.” In other words, the offer was oversubscribed. Consequently, estimates that the proration factor of the offering will be approximately 38.45%.
After the elimination of Ruger’s earlier shareholder rights plan, this acquisition 2.4 million shares will bring Beretta’s ownership of Ruger stock to the agreed-upon level of 25%.
Those 2,400,184 shares will be purchased at a premium price of $44.80 per share. Shares of Sturm, Ruger were up 1.2% at $41.88/share.
Beretta Holding Announces Oversubscription of Sturm, Ruger & Co. Tender Offer - The Outdoor Wire | The Outdoor Wire
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In fact, the shareholders oversubscribed the tender offer, with Beretta Holding announcing this morning that a total of 3,589,647 shares had been “validly tendered and not properly withdrawn.” In other words, the offer was oversubscribed. Consequently, estimates that the proration factor of the offering will be approximately 38.45%.
After the elimination of Ruger’s earlier shareholder rights plan, this acquisition 2.4 million shares will bring Beretta’s ownership of Ruger stock to the agreed-upon level of 25%.
Those 2,400,184 shares will be purchased at a premium price of $44.80 per share. Shares of Sturm, Ruger were up 1.2% at $41.88/share.
