Red Cat launches EUR 39/share cash offer for Steyr Motors, 28.9% premium to Oct 16 close

Red Cat Holdings, Inc.

• Offer of EUR 39.00 in cash per share for all 5,251,261 Steyr Motors shares, implying roughly EUR 205M equity value; acceptance runs to Dec 18, 2026, 5:00 p.m. CET.
• Price is a 28.9% premium to the Oct 16, 2026 close, 27.3% to the 30-day VWAP and 55.8% to the 52-week low.
• Anchor shareholder B&C Holding Österreich GmbH, about 15% of share capital, signed an irrevocable tender undertaking; Steyr's Executive and Supervisory Boards support the deal.
• Conditions: foreign investment approvals in Austria, Australia, Italy and UK by June 30, 2027, plus a 50%-plus-one-share minimum acceptance threshold, waivable by the Bidder.
• Red Cat intends to keep Steyr's Austrian HQ, manufacturing and R&D, and cites the deal as support for its Blue Ops uncrewed surface vessel strategy; Evercore and Freshfields advise.