Red Cat bids €39 per share for Steyr Motors

On 19 October 2026 US drone maker Red Cat Holdings, through its subsidiary SMOT Acquisition, launched a voluntary public cash offer for all shares of Austrian engine maker Steyr Motors: €39.00 per share, valuing the company at about €205m. Anchor shareholder B&C (15%) backs the offer; the acceptance period runs to 18 December 2026, conditional on a minimum acceptance of 50% plus one share and regulatory approvals including Austrian investment screening, with completion expected in the first half of 2027. It follows the preliminary proposal withdrawn on 29 July 2026 (entry 26302bf7) (Salzburger Nachrichten/APA, 19 Oct 2026). Update (21.10.2026): Steyr Motors has signed a business combination agreement with Red Cat and SMOT Acquisition; its management and supervisory boards intend to recommend acceptance. Red Cat commits not to relocate the registered office, production or R&D from Steyr for three years and not to cause redundancies among blue-collar workers for two years (Steyr Motors, ad hoc release, 21 Oct 2026).