Beretta Will Name Two Independent Directors to Ruger's Board, CEO Says

Beretta Holding Chairman and CEO Pietro Gussalli Beretta told Il Sole 24 Ore that the group will appoint "two independent representatives" to Sturm, Ruger's board and work with Ruger's management on "new industrial projects" to be explored "over the coming months," calling the stake "an industrial, rather than a financial, venture." He told Bloomberg Law that the listed stake "will allow us to review whether there will be other opportunities, other deals in capital markets," while telling Il Sole that a Wall Street listing of Beretta Holding itself is "not on the table at the moment." He also told Il Sole the group is now Ruger's largest holder at 25 percent, with BlackRock second at around 8 percent. The two board picks are not named, the projects are not described, and the final proration and payment for the roughly $107 million tender have not yet been filed with the SEC.