Beretta Holding S.A. sent a letter to Sturm, Ruger & Company's board of directors following the board's rejection of an exemption from the company's shareholder rights plan. The Luxembourg-based firearms company holds a 9.95% stake in Ruger (NYSE: RGR) and had sought the exemption to increase its investment.

Ruger's board rejected Beretta Holding's exemption request in a letter received March 28. Beretta Holding had proposed a tender offer at $44.80 per share in cash, representing approximately a 20% premium to the 60-day volume-weighted average price ending March 24.

The Italian firearms manufacturer expressed disappointment with what it characterized as the board's resistance to an increased investment. Beretta Holding stated it remains willing to attend a meeting for a constructive resolution while continuing to explore legal alternatives.

Beretta Holding confirmed a meeting between principals is scheduled for April 9. The company plans to file a preliminary proxy statement with the Securities and Exchange Commission to solicit votes for director nominees at Ruger's 2026 annual shareholder meeting.

Founded in 1526, Beretta Holding operates through more than 50 subsidiaries and over 20 brands, with manufacturing facilities in Europe and the United States serving defense, law enforcement, hunting and shooting sports markets.

The tender offer has not yet commenced. If initiated, Beretta Holding will file required documentation with the SEC, and Ruger will file a solicitation/recommendation statement regarding the offer.