Red Cat Holdings submits cash offer to acquire all of Steyr Motors

Red Cat Holdings, an American provider of unmanned aerial and robotic systems for national security, announced a cash tender offer for all outstanding shares of Steyr Motors, the Austrian maker of high-performance engines for defense vehicles, maritime use and auxiliary power units. The offer, presented as a voluntary public bid, aims to acquire the entire share pool of the Vienna-listed company, whose last closing price was 30.50 euros.

Red Cat indicated that, if successful, it would retain Steyr's manufacturing, R&D and engineering sites in the city of Steyr, positioning the plant as a European competence centre. The anchor investor B&C Gruppe has expressed backing for the proposal. Steyr Motors CEO Julian Cassutti praised the plan and said he will also tender his own shares under the offer. Jeff Thompson, head of Red Cat, framed the acquisition as a means to support Steyr's growth in the defense sector.