By Connor Hart

Sturm Ruger said Beretta is seeking to gain control of the company through discounted share purchases and outsized governance rights.

The statement comes after Beretta acquired a nearly 10% stake in Ruger and last month nominated four directors to the company's board, setting the stage for a potential proxy fight between the rival gunmakers.

Beretta first disclosed its stake in September, stating at that time that it had no "present intention" to take control of Ruger, according to Ruger.

In the days and weeks that followed, Ruger representatives reached out to Beretta, repeatedly offered to meet, and asked that Beretta pause its share accumulation pending discussions, the company said.

Beretta initially declined to meet, before eventually agreeing to a sit-down in December, Ruger said.

"At that meeting, Beretta's chair indicated a long-term plan to combine Ruger with Beretta but made no formal proposal," the company said. "Beretta's chair also indicated that he had no interest in the status quo and that he would find a way to increase his position if Ruger remained resistant."

The companies met again last month to discuss possible arrangements, but the talks failed to produce an agreement, Ruger said.

Ruger accused Beretta of seeking terms that would transfer value from other shareholders and undermine the company's independence. The company said Beretta had proposed that Ruger issue additional shares at a 15% discount and allow it to increase its stake to about 25% while gaining disproportionate representation on the board.

Ruger adopted a shareholder-rights plan, commonly known as a poison pill, to guard against what it described as a potential creeping takeover.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

March 09, 2026 10:34 ET (14:34 GMT)

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