Steyr Motors Buyout Package Pairs a €39 Bid With Two Years of Job Security

Steyr Motors has secured binding commitments from Red Cat Holdings that would keep its Austrian operations anchored in place well beyond the closing of the proposed takeover. Under a business combination agreement signed roughly two weeks ago, the acquirer has pledged not to relocate the company's headquarters, manufacturing, and research and development functions out of Steyr for three years from completion, and to refrain from operational dismissals for two years.

The undertaking runs through Red Cat's wholly owned subsidiary SMOT Acquisition GmbH, the vehicle behind the voluntary public cash offer of EUR 39.00 per share extended to all Steyr Motors shareholders. The acceptance window, which opened around two weeks ago, closes on 18 December 2026 at 17:00 CET.

Board Backs the Offer, With Strings Attached

Steyr Motors' management board and supervisory board have indicated they will recommend that shareholders tender into the bid once they have completed their review of the offer document. B&C Holding Österreich GmbH has already given an irrevocable commitment to tender its roughly 15% stake.

Completion hinges on a minimum acceptance threshold of 50% plus one share, alongside required foreign direct investment clearances and other customary conditions. Red Cat expects the transaction to close in the first half of 2027, subject to regulatory approvals.

The agreement also obliges Steyr Motors to support a potential delisting or a later squeeze-out of minority shareholders, according to ORF, though only to the extent that such support is compatible with the board's statutory duties.

Analysts Anchor Targets Near the Bid Price

Two brokerage notes published in late October bracketed the stock tightly around the offer level. Cantor Fitzgerald rated the shares "Neutral" on 23 October with a price target of EUR 39.50, while Baader assigned a "Reduce" rating on 22 October and a target of EUR 39.60.

Third-Quarter Growth Sets Up a Second-Half Test

The takeover process has unfolded against a backdrop of steady top-line expansion. Steyr Motors reported an 11.2% rise in revenue for the third quarter of 2026, with group sales reaching EUR 12.5 million and adjusted EBIT of EUR 1.4 million.

Management reaffirmed its full-year guidance for 2026, projecting revenue growth of 15% to 25% and an EBIT margin of 8% to 12%. The board expects a marked pickup in the fourth quarter. Investors will get their next formal update on 23 November 2026, when the company appears at the Deutsches Eigenkapitalforum.