Red Cat Proposes EUR 39 Cash Offer for Steyr Motors
The drone maker said the cash bid would pair Steyr’s marine engines with Blue Ops uncrewed surface vessels.
Red Cat Holdings, Inc. (RCAT) proposed an offer to acquire Steyr Motors AG for EUR 39.00 a share in cash, a 28.9% premium to Steyr’s closing share price on October 16, 2026, and a 27.3% premium to the 30-day volume-weighted average price.
The U.S.-based provider of all-domain drone and robotic solutions for defense said the combination would support Steyr Motors’ long-term growth while strengthening Red Cat’s Blue Ops uncrewed surface vessel strategy. It would pair Steyr Motors’ advanced marine engine technology, manufacturing expertise and European operating base with Red Cat’s defense customer relationships and growing autonomous maritime portfolio.
Steyr Motors is an Austrian marine-engine manufacturer. Red Cat said the deal would invest in that foundation rather than replace it. “Steyr Motors has built a strong business in Austria with specialized engineering talent, trusted customer relationships and proven marine engine technology,” said Jeff Thompson, Chief Executive Officer of Red Cat. “This proposed transaction is about investing in that foundation and helping Steyr Motors grow.”
The offer is all-cash at EUR 39.00 a share. Red Cat expects the acceptance period, during which shareholders may tender their shares, to commence shortly following publication of the offer document and to end on December 18, 2026, at 5:00 p.m. CET. Closing is subject to customary conditions, including regulatory approvals in Austria, Italy, Australia and the UK, and a minimum acceptance threshold of 50% plus one share.
Blue Ops is Red Cat’s maritime division, which develops uncrewed surface vessels. The company has already been building that book: in the first quarter of 2026 it acquired Apium Swarm Robotics, a California developer of distributed control systems for autonomous swarming drones and USVs. It also announced a manufacturing agreement with HADDY to increase production of the VARIANT 7 through robotic 3D printing and a partnership with Ukraine’s Spetstechnoexport on next-generation USVs.
Steyr’s marine engines and European plant would sit alongside that autonomous stack. Red Cat said the pairing is meant to give Blue Ops a European manufacturing base and a proven engine line while keeping Steyr’s existing customer relationships intact.
The cash price of EUR 39.00 a share is the full consideration; there is no stock component. The 55.8% premium to Steyr’s 52-week low is the widest of the three reference points the company disclosed.
Regulatory work spans four jurisdictions — Austria, Italy, Australia and the UK — and the 50%-plus-one-share acceptance floor is a hard gate before any close. Red Cat expects the acceptance window to run to December 18, 2026.
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