Gates Industrial Prices Secondary Offering Of 11.64M Shares At $19.40 Each
Portfolio Pulse from Benzinga Newsdesk
Gates Industrial has announced a secondary offering of 11.64 million shares priced at $19.40 each. The shares are being sold by Blackstone affiliates, and Gates Industrial will not receive any proceeds from this sale. The transaction is expected to close on November 5.
October 31, 2024 | 1:09 pm
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Gates Industrial is conducting a secondary offering of 11.64 million shares at $19.40 each, with shares sold by Blackstone affiliates. Gates will not receive proceeds from this sale.
The secondary offering increases the supply of GTES shares in the market, which could put downward pressure on the stock price in the short term. Additionally, since Gates Industrial will not receive any proceeds, there is no immediate financial benefit to the company from this transaction.
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