Gates Industrial falls as Blackstone to cut stake

Gates Industrial

08/08/2023 21:34

** Shares of Gates Industrial Corp  GTES.N  down ~6% in
extended trading as co commences secondary offering
    ** Industrial machinery co announces Blackstone  BX.N  to
sell 15 mln shares
    ** Offering would take private equity giant's stake from
~50% to ~44%, or ~115.8 mln shares, per SEC prospectus filing
    ** Gates has ~263.7 mln shares outstanding
    ** Citigroup and Goldman Sachs acting as jt lead bookrunners
for offering
    ** GTES fell for 5th straight session on Tues, closing down
0.2% at $12.78
    ** YTD, stock up 12%

 (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))