Beretta Holding S.A. announced plans to launch a tender offer for up to 20.05% of Sturm, Ruger & Company Inc. (NYSE: RGR) shares at $44.80 per share, representing approximately a 20% premium to the 60-day average price.

The Italian firearms manufacturer stated it seeks to acquire beneficial ownership of up to 30% of Ruger's outstanding shares through the tender offer. Beretta currently holds an undisclosed stake in the Connecticut-based gun manufacturer.

Beretta has requested that Ruger's board grant an exemption to the company's poison pill defense mechanism adopted on October 14, 2025. The tender offer would proceed only if this exemption is granted by March 31, 2026.

"We are not seeking control of Ruger," Beretta General Manager Robert Eckert wrote in a letter to Ruger's board. "Our strong desire and hope was, and remains, to enter into a strategic collaboration with the Company."

Beretta characterized itself as a strategic partner rather than a direct competitor, noting that its U.S. sales focus primarily on shotguns, ammunition and optics. The company said it employs close to 700 people across nine U.S. entities.

The tender offer follows what Beretta described as unsuccessful negotiations with Ruger's management regarding board composition and compensation matters. Beretta had previously nominated a minority slate of director candidates.

Beretta stated that Ruger's board suspended negotiations as of March 16, prompting the decision to pursue the tender offer as an alternative path to increase its ownership position. The offer would be subject to regulatory conditions.

The company emphasized that a 30% ownership stake would not constitute control or provide veto power over corporate decisions.