Gates Industrial Says Certain Selling Stockholders Affiliated With Blackstone Have Commenced Secondary Offering Of 20M Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
Gates Industrial announced that certain stockholders affiliated with Blackstone have commenced a secondary offering of 20 million ordinary shares. Gates will not receive any proceeds from this sale. Additionally, Gates has entered into a share repurchase contract with Citigroup Global Markets Inc. to repurchase $125 million of ordinary shares.
August 15, 2024 | 8:51 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Gates Industrial is seeing a secondary offering of 20 million shares by Blackstone affiliates. Gates will not receive proceeds from this sale but will repurchase $125 million in shares.
The secondary offering by Blackstone affiliates does not directly impact Gates' finances as it will not receive any proceeds. However, the share repurchase program indicates confidence in the company's value, which could stabilize or slightly boost the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Blackstone affiliates are selling 20 million shares of Gates Industrial in a secondary offering. This move could indicate a strategic shift or profit-taking by Blackstone.
The sale of a significant number of shares by Blackstone affiliates could be perceived as a lack of confidence in Gates Industrial's future performance, potentially leading to a short-term negative impact on Blackstone's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70