🔒CT gunmaker Ruger pushes back against European shareholder in board fight

Southport-based firearms manufacturer Sturm, Ruger & Co. is pushing back against criticism from its largest shareholder, accusing the European gunmaker seeking seats on its board of attempting to gain influence over the company on terms that would disadvantage other investors. In a statement released Monday, Ruger disputed allegations made by Beretta Holding, which recently disclosed a 9.95% ownership stake and said it plans to nominate four candidates for election to Ruger’s board at the company’s 2026 annual shareholder meeting. Ruger said Beretta had proposed arrangements that would have allowed it to increase its ownership while gaining what the company described as outsized governance rights, including the ability to influence major corporate decisions. Among the proposals Ruger said it rejected were requests that the company issue additional shares to Beretta at a discount and grant board representation tied to a larger ownership position. Ruger said those terms would have diluted other shareholders and undermined the company’s independence as a publicly traded firm. The company also said Beretta sought to place a member of its management team on Ruger’s board, which Ruger argued could raise antitrust concerns because the companies compete in the firearms market. The dispute follows Beretta’s recent push to reshape Ruger’s board and strategy. The Luxembourg-based parent of Italian firearms manufacturer Beretta has argued that Ruger’s leadership has failed to deliver consistent shareholder returns and has criticized the company’s board oversight. Ruger, however, said its board has already been undergoing changes. The company noted that several directors have joined the board over the past year, including CEO Todd Seyfert, as part of what it described as an ongoing refreshment process. Ruger also said it attempted to engage with Beretta after the investor first disclosed its stake in September, when filings showed the firm owned about 7.7% of the company’s shares. According to Ruger, the companies later held meetings in Paris in December and in Luxembourg earlier this year but did not reach an agreement on potential collaboration or governance changes. Beretta has indicated it plans to move forward with a proxy solicitation ahead of Ruger’s annual meeting as it seeks shareholder support for its nominees. The dispute comes during a challenging financial period for Ruger. The company reported a net loss of $4.4 million in 2025, compared with net income of $30.6 million in 2024, even as revenue increased slightly year over year. It has also been undergoing restructuring efforts. Ruger said it remains open to discussions with Beretta but will continue to act in what it views as the best interests of all shareholders.