Beretta Accused of Threatening 'War' in Takeover Bid for Ruger

Italian gunmaker seeks to acquire up to 50% stake in major US firearms manufacturer

Apr. 2, 2026 at 6:18pm

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Italian firearms maker Beretta has been accused of plotting a hostile takeover of Sturm, Ruger & Co., America's biggest gunmaker, even allegedly threatening 'war' if its demands are not met. Beretta has been steadily building a stake in Ruger and recently nominated four directors to the company's board, triggering a national security review by the US government.

Why it matters

Any potential acquisition of a major US defense and firearms manufacturer by a foreign company would raise significant national security concerns, especially given Ruger's operations in key battleground states. The dispute highlights the high stakes and fierce competition in the lucrative American gun market.

The details

According to Ruger's annual proxy filing, Beretta's general manager Robert Eckert told Ruger CEO Todd Seyfert that the Italian company wanted to immediately increase its stake to 25% through a share issuance, then later acquire another 25% to take control of half the company. Beretta has already built a 9.95% stake in Ruger and nominated four directors to the company's board. Ruger has rejected Beretta's advances, warning that the proposed ownership level would trigger a mandatory review by the Committee on Foreign Investment in the United States (CFIUS) due to national security implications.

  • On March 9, Beretta's general manager Robert Eckert made the takeover demand to Ruger CEO Todd Seyfert.
  • On March 25, Beretta announced a partial tender offer to acquire an additional 20% stake in Ruger at $44.80 per share.
  • On March 28, Ruger rejected Beretta's takeover bid, citing concerns about a 'creeping acquisition of control'.

The players

Beretta

A 500-year-old Italian firearms manufacturer that is seeking to increase its stake in and potentially take over Sturm, Ruger & Co., the largest US gun maker.

Sturm, Ruger & Co. (Ruger)

The largest publicly traded firearms manufacturer in the United States, based in Connecticut, that is fighting to maintain its independence and American ownership.

Robert Eckert

The general manager of Beretta who directly communicated the company's takeover demands to Ruger's CEO.

Todd Seyfert

The CEO of Sturm, Ruger & Co. who received Beretta's takeover demands.

Committee on Foreign Investment in the United States (CFIUS)

The US government agency that would review any potential acquisition of Ruger by the foreign-owned Beretta on national security grounds.

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What they’re saying

“The board seats and ownership level Beretta demanded would trigger mandatory CFIUS review, implicating sensitive national security issues.”

— Sturm, Ruger & Co.

“Beretta repeatedly advanced aggressive demands orally and in writing and threatened to 'go to war' if those demands were not met.”

— Sturm, Ruger & Co.

What’s next

Ruger's board is urging shareholders to reject Beretta's attempted takeover at the company's upcoming annual shareholder meeting, setting the stage for a proxy fight.

The takeaway

This dispute highlights the high-stakes battle for control of the lucrative US gun market, with national security implications as a foreign company seeks to acquire a major American firearms manufacturer.