Red Cat Proposes €39-Per-Share Offer for Steyr Motors in Maritime Push

Red Cat Holdings has proposed a €39-a-share cash offer for all outstanding shares of Austria’s Steyr Motors, aiming to add engine capacity to its uncrewed maritime business.

The voluntary offer would be made through SMOT Acquisition GmbH, Red Cat’s wholly owned Austrian subsidiary. Red Cat expects the transaction to close in the first half of 2027, subject to required conditions.

The offer price is 28.9% above Steyr’s Oct. 16 closing price on Xetra and 55.8% above its 52-week low. It is also 27.3% above Steyr’s 30-day volume-weighted average price. B&C Holding Österreich GmbH, which holds about 15% of Steyr, has agreed to tender all of its shares.

Completion depends on regulatory clearances in Austria, Italy, Australia and the United Kingdom. The offer also requires tenders for at least 50% of Steyr’s shares plus one share.

The tender period is expected to begin shortly after the offer document is published and end Dec. 18, 2026, at 11 a.m. ET (16:00 UTC). Steyr plans to support the proposal after reviewing its final legal and economic terms and obtaining the required board resolutions.

Steyr makes custom engines for defense and civilian uses. Its engines are used in military vehicles and boats, while its auxiliary power units are used in tanks and locomotives. Its marine products include engines for uncrewed surface vessels.

Red Cat has tied the proposed acquisition to Blue Ops, its uncrewed surface vessel strategy. If the deal closes, the company plans to retain Steyr’s Austrian headquarters, manufacturing and research and development operations. Red Cat CEO Jeff Thompson said, “We see Austria as central to the future of the business.”

The companies’ earlier nonbinding discussions ended in July 2026, when Red Cat withdrew a preliminary proposal. Talks later resumed.