Red Cat Bids €39 per Share for Steyr Motors | Trending Topics
Summary
Red Cat Holdings has launched a voluntary all-cash takeover offer for Steyr Motors at €39 per share. The offer values the Austrian engine maker at more than €46 million above its last market price and already has backing from anchor shareholder B&C Group and Steyr's CEO. Red Cat says the deal will secure a key propulsion supplier for its unmanned surface vessel strategy and expand its European footprint. The transaction still needs approval from regulators in several countries and enough shareholder acceptance to clear the 50% plus one share threshold.
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