The Beretta takeover of Ruger

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Italian gunmaker Beretta pushes to raise its stake in Sturm Ruger

Rifle-maker has dismissed pressure campaign as ‘ongoing creeping takeover’ as stand-off escalates

Beretta pushed back at the idea that it is a direct competitor to Sturm Ruger © Bloomberg
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Oliver Barnes in New York

PublishedMAR 25 2026
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Beretta Holding, the world’s oldest firearms manufacturer, is pushing to boost its stake in US-based Sturm Ruger to 30 per cent in the latest escalation in the stand-off between the two gunmakers.

The family-owned Italian firearms group has written to Ruger’s board to express its desire to boost its shareholding from just under 10 per cent to 30 per cent, according to a regulatory filing on Wednesday.

Beretta, which traces its origins back to 16th-century Brescia, last month launched a proxy fight to install four rival directors on Ruger’s nine-member board, in an effort to push the company to engage on possible strategic partnerships.

Ruger previously dismissed Beretta’s pressure campaign as an “ongoing creeping takeover”, arguing that Beretta had failed to negotiate in good faith. Ruger did not immediately respond to a request for comment.

In the letter, Beretta, which is already Ruger’s largest shareholder, outlined plans to launch an all-cash tender to buy a further 20 per cent of Ruger’s stock at $44.80 a share, a 10 per cent premium to Tuesday’s closing price.

“Our patience has run out,” wrote Beretta’s general manager Robert Eckert in the letter. “Since you have suspended further negotiations . . . the only choice we have for seeking to increase our position and more strongly aligning our interests is to make a tender offer directly to Ruger shareholders.”

Beretta asked Ruger to waive its poison pill takeover defence — adopted in October after Beretta disclosed its stake — to allow the tender offer to be put to shareholders. It gave Ruger until the end of this month to respond to the request.

The move by Beretta is the latest shot across the bow in the Italian group’s efforts to shake up its struggling US rival, whose board it accused in a letter last week of overseeing share price underperformance, poor financial results and corporate governance failings.

Beretta, which generated almost €1.7bn in sales in 2024, is best known for its eponymous pistol as well as assault rifles and hunting shotguns. Ruger is one of the best-known revolver manufacturers and also makes hunting rifles.

Shares in Ruger, one of only two listed US gunmakers alongside Smith & Wesson, have lost more than half their value since rising to record highs in late 2021, leaving it with a market value of nearly $650mn at Tuesday’s close.

Ruger said in a public letter earlier this month that Beretta repeatedly threatened to “go to war” if its demands, which included for Ruger to issue additional stock at a discount to market price to allow Beretta to further boost its stake, were not met.

“The board is committed to continuing to act decisively to protect Ruger’s other stockholders from Beretta’s aggressive campaign to seize control on unfair terms,” Ruger said.

Beretta stressed in the letter that it was “not seeking control of Ruger”. The company — which is run by Pietro Gussalli Beretta, a 15th-generation descendant of founder Bartolomeo Beretta — remained open to further negotiations with Ruger, according to a person familiar with the matter.

In the letter, Beretta pushed back at the idea that it is a direct competitor to Ruger, arguing that shotguns make up most of its US sales, meaning there is little overlap with Ruger’s most popular rifle and pistol products.

The US, with its liberal gun laws provided by the Second Amendment, is the biggest market for firearms manufacturers.