Gates Industrial Announces Secondary Offering Of 17.5 Mln Shares

(RTTNews) - Gates Industrial Corp. plc (GTES), a specialty industrial machinery manufacturer, Tuesday announced the commencement of a second offering of 17.5 million shares by certain selling shareholders affiliated with Blackstone.

The stockholders granted an additional 30-day option to underwriters to purchase up to 2.625 million additional shares, the company stated.

The offering is expected to close on February 16.

Additionally, the company also announced that it has agreed with Citigroup Global Markets Inc. to repurchase $150 million shares at a price equal to that paid by underwriters in the offering.

Currently, Gates's stock is trading at $12.52, down $2.19 percent on the New York Stock Exchange.