Steyr Motors Draws a €39 Cash Offer While Its Order Book Swells Past €300 Million
Published on 11/02/2026 at 07:02 | Editorial boerse-global.de
Steyr Motors finds itself in the unusual position of asking investors to weigh a firm cash exit against a business that is still building momentum. Red Cat Holdings, acting through its subsidiary SMOT Acquisition GmbH, has launched a voluntary public cash tender offer at €39.00 per share for the entire share capital of the Austrian engine maker — a proposal first announced roughly two weeks ago and one that carries a string of conditions.
The bid does not stand alone. It is accompanied by a merger agreement among Steyr Motors, Red Cat and the bidding vehicle, which includes commitments regarding the Steyr site and its workforce. Red Cat has pledged not to relocate the facility for three years from completion, and no operational dismissals of workers are to be initiated at Red Cat's behest for a two-year period.
Threshold and Regulatory Hurdles
Acceptance is far from automatic. The offer requires a minimum tender threshold of 50% plus one share, and it remains subject to regulatory clearances — meaning both shareholder take-up and authority approval must fall into place. B&C Holding Österreich GmbH has committed to tender its roughly 15% stake under the terms of the agreement, a pledge that covers its own holding while the minimum threshold applies to the public offer as a whole. The acceptance period runs until 18 December 2026 at 17:00 CET, with closing anticipated in the first half of 2027, subject to the offer conditions.
Should investors sell immediately? Or is it worth buying Steyr Motors?
On the operational front, Steyr Motors reported an order backlog exceeding EUR 300 million extending to 2030. The company also flagged call-offs from KNDS as well as from the Navy-SEALs tender.
Quarterly Growth, Nine-Month Loss
Group revenue for the third quarter of 2026 climbed 11.2% year on year to EUR 12.5 million, while adjusted EBIT for the quarter came in at EUR 1.4 million. The nine-month picture is less flattering: EBIT for the first three quarters of 2026 stood at EUR -0.7 million. The quarterly figure was published on an adjusted basis, the nine-month number as reported EBIT.
Management reaffirmed its full-year 2026 guidance, still calling for revenue growth of 15% to 25% alongside an EBIT margin of 8% to 12%.
In Friday trading the stock closed at €35.40, leaving it below the €39.00 cash price on the table. For anyone weighing the takeover, the announced offer conditions remain the deciding factor.
Ad
Steyr Motors Stock: New Analysis - 2 November
Fresh Steyr Motors information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
