Beretta Holding's cash tender offer for shares of Sturm, Ruger & Co. closed at 11:59 p.m. Eastern time on October 15, 2026, with preliminary results showing the offer drew nearly 50 percent more shares than it sought. American Rifleman reported the preliminary count the following day, which Beretta Holding released after the depositary completed its initial tally.

Beretta set out to purchase up to 2,400,184 shares of Ruger common stock at $44.80 per share, a total potential outlay of approximately $107.5 million. The depositary's preliminary count found 3,589,647 shares validly tendered and not withdrawn, with an additional 2,652,256 shares tendered by notice of guaranteed delivery and excluded from the initial count. Because demand exceeded supply, Beretta will not purchase all shares tendered. The company estimates the proration factor at approximately 38.45 percent, meaning each participating Ruger shareholder who tendered will have roughly that share of their position purchased at $44.80 per share.

The acquisition brings Beretta's total stake in Ruger to approximately 25 percent of the company's outstanding common stock. Before the tender, Beretta had accumulated a 9.93 percent position through earlier open-market purchases, already making it Ruger's largest single outside shareholder. The $44.80 per-share price represented a premium of approximately 21 percent over Ruger's closing price on September 16, the day before the offer was formally commenced. Reuters and SGB Online covered the offer's launch when Beretta began the tender in September.

The deal reaches back to a May 2026 cooperation agreement in which Ruger's board formalized the relationship with Beretta Holding, agreeing to seat Beretta-designated directors once ownership crossed certain thresholds. The Federal Trade Commission approved the arrangement in August 2026 with conditions that require Beretta to notify regulators before acquiring more than 25 percent. Those conditions are in place as a ceiling, and any future move above that level would require a fresh regulatory filing.

The strong oversubscription — shareholders tendered nearly 1.5 times the shares Beretta asked for — reflects both the 21 percent premium Beretta offered and apparent seller confidence that the deal would settle cleanly. It also means investors who tendered hoping to exit fully at $44.80 will receive back most of their tendered shares unsold, with only 38 percent of their position purchased at the offer price.

For the domestic firearms industry, the transaction marks a notable realignment. Ruger is the largest U.S. firearm manufacturer by annual unit count, selling more commercial firearms than any other domestic maker in most years. Beretta, headquartered in Brescia, Italy, claims the distinction of being the world's oldest continuously operating industrial enterprise. A 25 percent stake by a foreign owner of that standing in Ruger is without direct precedent in the industry's modern history.

Final proration results and payment are expected within five business days of the October 15 expiration. Board seat transitions pursuant to the May 2026 cooperation agreement are expected to follow settlement.