Gates Industrial down as Blackstone to offload shares in secondary offering

Gates Industrial

15/05/2024 22:10

** Gates Industrial's  GTES.N  shares down 2.7% at $16.55 in
extended trading as secondary offering launches
    ** Industrial machinery firm announces Blackstone  BX.N  to
sell 17.5 mln shares
    ** Citigroup, Goldman and Jefferies are jt lead bookrunners
    ** Gates has ~261.4 mln shares outstanding, per LSEG
    ** GTES shares on Weds closed up 1.3% at $17, up ~27% YTD
    ** Stock's 1-year high is $17.99 (Apr 30) and 52-week low is
$10.68 (Oct 23)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))