Beretta Holding S.A. sent a letter to the board of directors of Sturm, Ruger & Company, Inc. (NYSE: RGR) proposing a partial tender offer for up to 20.05% of the gunmaker's outstanding shares at $44.80 per share in cash.

The offer price represents approximately a 20% premium to Ruger's 60-day volume-weighted average price, according to the press release. Beretta Holding currently owns 9.95% of Ruger's outstanding common stock, making it the company's largest shareholder.

The Luxembourg-based firearms company requested an exemption from Ruger's shareholder rights plan, adopted on October 14, 2025, to allow it to acquire beneficial ownership of up to 30% of Ruger's outstanding shares. Beretta Holding stated that 30% ownership would not constitute de facto control of the company.

Beretta Holding indicated it seeks to establish a strategic partnership to improve Ruger's operational and financial performance. The company noted that Ruger's board members collectively own less than 1% of the company's outstanding shares.

The press release stated that Beretta Holding does not consider itself a direct competitor to Ruger in the U.S. market, noting that the majority of its U.S. sales focus on shotguns, ammunition and optics rather than the rifles and pistols that represent Ruger's primary products.

Beretta Holding operates nine entities with approximately 700 employees across the United States and has maintained a presence in the country for more than 50 years. The company, which traces its origins to 1526, operates through more than 50 subsidiaries and over 20 brands globally.

The potential tender offer has not yet commenced and would require filing of tender offer statements with the Securities and Exchange Commission.