GTES - Gates Industrial announces secondary offering of up to 22.5M ordinary shares

2023-05-16 17:24:19 ET

• Gates Industrial ( NYSE: GTES ) on Tuesday announced a secondary offering of up to 22.5M ordinary shares by certain selling stockholders associated with Blackstone ( BX ).
• GTES stock was down 3.2% to $12.90 after hours.
• The company said it was not offering any ordinary shares and that it would not receive any proceeds from the sale of ordinary shares in the offering.
• Additionally, GTES said in connection with its existing share buyback program, it had entered into a share repurchase contract with Citigroup Global Markets for up to $250M ordinary shares.
• GTES said it had advised Citigroup Global Markets to purchase its shares from the selling shareholders named in the secondary offering today.
• "The share repurchase is expected to be consummated promptly following the Offering and is conditioned upon the closing of the Offering," GTES said in a statement , adding that the closing of the offering was not conditioned upon the consummation of the share repurchase.

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