Gates Industrial edges down as Blackstone's share sale prices

Gates Industrial

16/05/2024 14:00

** Shares of Gates Industrial  GTES.N  down 0.4% at $16.94
premarket after overnight secondary offering prices
    ** Industrial machinery firm early Thurs announces 17.5 mln
shares sold by PE sponsor Blackstone  BX.N 
    ** Lead bookrunners Citigroup, Goldman and Jefferies had
marketed shares in range of $16.35-$16.75, up to 3.8% discount
to stock's last close of $17, IFR reported
    ** Offering takes Blackstone's ownership from ~27.6% to
20.9%, of ~54.5 mln shares, per SEC prospectus filing
    ** Through Weds close, GTES 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))