We downgrade Steyr Motors from BUY to HOLD and set a technical PT of € 39 (prev. € 49), in line with Red Cat's cash offer. We continue to see long-term standalone value above the offer price. However, Red Cat intends to initiate a delisting after settlement, subject to the applicable withdrawal and exit-offer requirements. The expected reduction in free float also points to lower trading liquidity. With the offer still subject to completion risk and limited visibility on shareholders' ability to realise the standalone upside, we no longer see a compelling case for new investment.
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