Gates Industrial Prices Stakeholder Equity Offering At 3% Discount

Gates Industrial Corporation plc GTES has priced the previously announced secondary offering of 22.5 million shares by selling shareholders at $11.75 per share.
The offer price represents a 3% discount to the company’s closing price on May 17.
The selling stockholders are affiliated with Blackstone Inc BX.
The selling stockholders have also granted the underwriters a 30-day option to purchase up to 3.4 million additional shares.
The offering is expected to close on May 23, 2023.
Price Action: GTES shares are trading lower by 0.33% at $12.02 in premarket on the last check Thursday.