Gates Industrial Corporation plc announced today that certain selling stockholders affiliated with Blackstone Inc. have commenced a secondary offering. The offering involves 11,635,224 of Gates' ordinary shares.
This secondary offering represents a significant transaction by a major shareholder. The sale of such a large block of shares by an affiliated entity can influence market dynamics and investor sentiment regarding the company's ownership structure.
The pricing for this secondary offering was set at $19.40 per share. The transaction is expected to officially close on November 5, 2024, subject to customary closing conditions.
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