Beretta Holding S.A. announced preliminary results of its cash tender offer for shares of Sturm, Ruger & Company, Inc. (NYSE: RGR), saying the offer was oversubscribed after it expired on Oct. 15, 2026.

The tender offer sought to purchase up to 2,400,184 shares of Ruger common stock at $44.80 per share. According to a preliminary count by the depositary, a total of 3,589,647 shares were validly tendered and not withdrawn, excluding 2,652,256 shares tendered by notice of guaranteed delivery.

Because the offer was oversubscribed, Beretta Holding said it will prorate purchases from each tendering stockholder. Including shares tendered by notice of guaranteed delivery, the estimated proration factor is approximately 38.45%, meaning Beretta Holding will purchase roughly that proportion of shares from each tendering stockholder to stay within the 2,400,184-share limit.

Beretta Holding noted the proration factor is preliminary and subject to confirmation by the depositary. A final proration factor will be announced after the guaranteed delivery period expires and the depositary completes its confirmation process. Payment for accepted shares and the return of unaccepted shares will follow promptly.

Pietro Gussalli Beretta, Chairman and CEO of Beretta Holding, called the investment the company's "first participation in a publicly listed company," adding that it "opens a new chapter in our development as a long-term investor in the U.S. capital markets."