Beretta Holding, the world’s oldest firearms maker, is escalating efforts to acquire a 30% stake in Sturm Ruger, filing a regulatory proposal to increase its share from 10% to 30%. The Italian firm, led by 15th-generation heir Pietro Gussalli Beretta, submitted a letter to Ruger’s board outlining plans to launch a $44.80-per-share cash tender—a 10% premium to Ruger’s recent stock price. This move follows a proxy fight where Beretta sought to install rival directors, which Ruger called a “creeping takeover” after rejecting prior negotiations. Sturm Ruger, a revolver and hunting rifle manufacturer, has seen its shares drop over 50% since 2021 highs, raising concerns about governance and performance.