Red Cat proposes €39-per-share Steyr Motors acquisition

• Red Cat Holdings announced a fully financed cash offer of €39 per share to acquire Austrian engine manufacturer Steyr Motors.
• The proposed price represents a 28.9% premium to Steyr Motors' October 16 closing price, with shareholder B&C Holding Österreich committing approximately 15% of shares.
• Red Cat believes the acquisition would support its Blue Ops autonomous maritime business, with the company intending to retain Steyr Motors' Austrian operations.

Red Cat Holdings (NASDAQ:RCAT) proposed acquiring Steyr Motors for €39 per share in cash, representing a 28.9% premium to the Austrian manufacturer's October 16 closing price.

The fully financed offer follows acquisition discussions discontinued in July 2026, while shareholder B&C Holding Österreich has committed approximately 15% of Steyr Motors' shares.

“This proposed transaction is about investing in that foundation and helping Steyr Motors grow,” said Red Cat Chief Executive Officer Jeff Thompson.

Completion requires regulatory approvals in Austria, Italy, Australia and the UK, alongside acceptance exceeding 50% of shares, with the offer period expected to end December 18, 2026.

Red Cat expects the acquisition to support its Blue Ops maritime strategy and potentially close during the first half of 2027

Red Cat develops military drones, robotic systems and autonomous maritime technology, while Steyr Motors manufactures specialized engines for defence vehicles, marine vessels and industrial applications.

Red Cat withdrew an earlier non-binding Steyr Motors proposal in July 2026 but resumed negotiations, with its latest offer including plans to retain Austrian manufacturing, research and headquarters operations.