Gates Industrial Corp Plc (GTES) has released an update.
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Gates Industrial Corporation plc announced the pricing of a secondary offering of 17.5 million shares by affiliates of Blackstone Inc., with a post-market pricing on February 12, 2024, and a full exercise of the underwriters’ option for an additional 2.625 million shares on February 13. The closing of the offering is anticipated for February 16. While the company won’t gain proceeds from the share sale, it has committed to repurchasing $50 million worth of shares at the same price, and several directors will also be purchasing shares in the offering.
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