(Il Sole 24 Ore Radiocor) - Milano, 9 mar - Sturm Ruger said rival gunmaker Beretta is trying to gain control of it through discounted share purchases and oversized governance rights.

"While Ruger remains ready and willing to engage constructively with Beretta for the benefit of all stockholders, the board is committed to continuing to act decisively to protect Ruger's other stockholders from Beretta's aggressive campaign to seize control on unfair terms," Sturm Ruger said.

The move comes after Beretta built a stake of nearly 10% in Ruger and nominated last month four directors to the company's board, opening the way for a potential proxy fight between the two companies.

Ruger alleges Beretta is seeking terms that would transfer value from other shareholders and undermine the company's independence.

Beretta sought to buy Ruger stock at a 15% discount from Ruger in a private placement and to obtain disproportionate board representation and voting power that would give it near-veto power over important matters, Ruger said.

"Beretta's self-serving demands included appointing its own CEO to Ruger's board in violation of US antitrust laws," it.

said.

(RADIOCOR) 09-03-26 19:09:39 (0577) 5 NNNN