Italian gunmaker Beretta launches proxy fight for US firearms giant Sturm, Ruger & Co.
NY Post
Italian gun manufacturer Beretta is launching a proxy fight to take control of Sturm, Ruger and Co., America’s largest firearms maker, sources familiar with the matter have told The Post.
Insiders said the 500-year-old European firm, which has built a 10% stake in Hartford, Conn.-based Ruger, wants to nominate four executives to join the nine-member board — a move designed to gain more control over the main US rival to Smith & Wesson.
Sources said the nominees included William Franklin Detwiler, managing partner of Fernbrook Capital Management; Mark DeYoung, the founding CEO of Vista Outdoor; Frederick Disanto, CEO of Ancora Holdings; and Michael Christodolou, the founder of Inwood Capital Management.
A proxy fight is an unfriendly contest for control of a company in which a group of shareholders tries to convince other investors to vote out the current board of directors or management.
Any vote would likely take place at Ruger’s annual general meeting scheduled for May 29.
The clash has erupted amid a sales slump and plunging profits at Ruger, with the price of its shares cratering by over 40% in the past five years.
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