EQS-News: Management Board and Supervisory Board of Steyr Motors AG recommend acceptance of Red Cat’s purchase offer
EQS-News: Steyr Motors AG / Key word(s): Tender Offer/Statement
Management Board and Supervisory Board of Steyr Motors AG recommend
acceptance of Red Cat’s purchase offer
02.11.2026 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
Management Board and Supervisory Board of Steyr Motors AG recommend
acceptance of Red Cat’s purchase offer
• Offer price of EUR 39.00 per share fair, adequate and attractive in
the view of the Management Board and Supervisory Board; PwC fairness
opinion confirms financial appropriateness
• Premium of approximately 29% on the share price before the offer was
announced
• Anchor shareholder B&C and CEO Julian Cassutti tender their shares
• Acceptance period runs until December 18, 2026
Steyr, Austria, 2 November 2026 – The Management Board and Supervisory
Board of Steyr Motors AG ([1]ISIN AT0000A3FW25) recommend that
shareholders accept Red Cat’s purchase offer. They consider the price of
EUR 39.00 per share to be fair, adequate and attractive and believe the
offer is in the best interests of the company, its employees and its
shareholders.
The purchase offer is made by SMOT Acquisition GmbH, a subsidiary of
US-based Red Cat Holdings, Inc. (NASDAQ: RCAT), under and pursuant to an
offer document dated October 22, 2026. The Management Board and
Supervisory Board each unanimously adopted the reasoned statement on
October 30, 2026.
Steyr Motors is a world-leading manufacturer of customized engines for
demanding defense and civil applications.
Why the Management Board and Supervisory Board recommend acceptance
• Significant premium: EUR 39.00 per share is approximately 28.9% above
the Xetra closing price of EUR 30.26 on October 16, 2026, the last
trading day before the offer was announced.
• Independently confirmed: In its fairness opinion, the audit firm PwC
considers the price to be financially appropriate.
• Fixed price, regardless of execution risks: Steyr Motors’ shares have
limited trading liquidity. The offer provides shareholders with the
opportunity to tender their shares at a fixed price of EUR 39.00 per
share, regardless of whether or when the existing order backlog and
sales pipeline translate into revenue.
• Growth with Red Cat: Red Cat sees Steyr Motors as a strategic platform
with significant growth potential and intends to invest additional
funds so that Steyr engines reach more customers. Steyr Motors’
identity, expertise and leadership will be preserved.
• Paid in cash, securely financed: Red Cat pays in cash from its own
funds. There is no financing condition, and Steyr Motors will not be
burdened with acquisition debt.
Support from within: Anchor shareholder B&C and CEO Julian Cassutti tender
their shares
Anchor shareholder B&C Holding Österreich GmbH has committed to tendering
its 780,000 shares. As a result, approx. 15% of the share capital is
already contractually secured. For the Management Board and Supervisory
Board, this is a clear signal of the attractiveness of the price.
Julian Cassutti, CEO of Steyr Motors AG, comments: “I fully support this
offer and am therefore tendering my own shares. It is financially
attractive for our shareholders and strategically right for Steyr Motors.
In Red Cat, we have a strong partner that preserves our identity and our
team and invests additionally in our growth. Together, we will bring our
engines from Steyr to significantly more customers and open the next
chapter of our growth story.”
Commitment to the Steyr site contractually agreed
In the Business Combination Agreement dated October 21, 2026, Red Cat made
clear commitments to preserving the site and its workforce. Austria will
remain the company’s registered office and headquarters, and Steyr will
remain the location for production, research and development. Red Cat will
further not initiate any changes to existing works agreements and
collective bargaining agreements, and the Management Board is to remain in
its current composition.
The offer at a glance
• Price: EUR 39.00 per share in cash (cum dividend 2026), total offer
value approximately EUR 205 million
• Minimum acceptance threshold: 50% plus one share
• Acceptance period: until December 18, 2026, 5:00 p.m. (CET)
• How to accept: via your custodian bank. Red Cat will cover custodian
bank fees of up to EUR 9.00 per securities account and recommends
contacting the custodian bank no later than three banking days before
the end of the acceptance period.
• Conditions: foreign direct investment approvals in Austria, Australia,
Italy and the United Kingdom. Payment will be made once the offer
conditions have been fulfilled.
The offer document is available at
[2] https://ir.redcatholdings.com/tender-offer.
The joint reasoned statement of the Management Board and the Supervisory
Board of Steyr Motors AG is also available on the website of Steyr Motors
AG.
Shareholders who have not yet received information on the offer from their
custodian bank are recommended to contact their custodian bank directly in
order to receive advice regarding the acceptance of the offer within the
acceptance period.
Company profile of Steyr Motors AG
Headquartered in Steyr, Austria, Steyr Motors AG is a global leader in the
development and production of special high-performance engines with high
power density and durability. The company’s engines are mainly used in
defense special vehicles, boats (both defense and civilian), as well as
auxiliary power units („APU“) for battle tanks and locomotives.
For further information, please contact:
Steyr Motors AG
Investor Relations
Phone: +43 676 6222367
E-mail: [3]ir@steyr-motors.com
[4] www.steyr-motors.com
Press contact
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 0333
E-mail: [5]sh@crossalliance.de
[6] www.crossalliance.de
Legal notice:
This announcement constitutes neither an offer to purchase securities nor
a solicitation of an offer to purchase or sell securities of Steyr Motors
AG. Only the offer document of SMOT Acquisition GmbH dated October 22,
2026 and the joint reasoned statement of the Management Board and
Supervisory Board are authoritative. Each shareholder decides individually
whether to accept the offer, taking into account their personal
circumstances, such as their acquisition price, investment horizon and tax
considerations. Subject to applicable law, neither Steyr Motors AG, nor
the Management Board nor the Supervisory Board assume any liability for
any financial disadvantages that may arise for a shareholder as a result
of accepting or rejecting the purchase offer made under and pursuant to
the offer document of SMOT Acquisition GmbH dated October 22, 2026.
══════════════════════════════════════════════════════════════════════════
02.11.2026 CET/CEST This Corporate News was distributed by [7]EQS Group
View original content: [8]EQS News
══════════════════════════════════════════════════════════════════════════
Language: English
Company: Steyr Motors AG
Im Stadtgut B1
4407 Steyr
Austria
Phone: +43 7252 2220
E-mail: office@steyr-motors.com
Internet: https://www.steyr-motors.com/de/
ISIN: AT0000A3FW25
WKN: A40TC4
Listed: Regulated Unofficial Market in Frankfurt (Scale); Vienna
Stock Exchange (Vienna MTF)
LEI Code: 529900I7M6Z1HG0L8440
EQS News ID: 2426028
End of News EQS News Service
2426028 02.11.2026 CET/CEST
https://nwr.eqs-cockpit.com/fncls2.ssx?application_id=2426028&application_name=news&site_id=apa_ots_austria~~
References
~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
2. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=0ba3f0ed86efdac9c0dc7e945fdf2b80&application_id=2426028&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
3. ir@steyr-motors.com
4. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=fa43d7aab0cc6b5f3e5a9bd745396480&application_id=2426028&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
5. sh@crossalliance.de
6. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=f484b60b1728c4a79abc2d0bb89f3376&application_id=2426028&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
7. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2426028&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
8. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=66e6a1312e196b5d670b59599e257e09&application_id=2426028&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH und der jeweilige Aussender