Red Cat offers 39 euros a share to take over Steyr Motors

US technology company Red Cat Holdings has announced a voluntary public offer for all shares in Austrian engine maker Steyr Motors, ORF reported. Red Cat is offering shareholders 39 euros per share in cash, nearly 29 percent above Friday’s closing price. The proposed takeover remains subject to several conditions.

Red Cat, based in Salt Lake City, develops technology for unmanned systems, including drones and autonomous watercraft. Steyr Motors makes specialist engines used in military vehicles and ships, as well as auxiliary power units for battle tanks.

Red Cat says it intends to retain and expand Steyr Motors’ operations in Steyr, including production, research and development, and the workforce. It also plans to increase manufacturing capacity and will assess whether the Austrian location could serve as a base for further expansion in Europe.

Steyr Motors chief executive Julian Cassutti supports the proposed takeover, saying it could help the company reach new markets and drive growth.