By Adriano MarcheseGates Industrial shares were lower in premarket trading on Friday after the company said an investor is selling shares in a secondary offering. Shares were trading 8.2% lower at 7:38 a.m. The manufacturer of power transmission belts and fluid power products said stockholders affiliated with Blackstone are offering for sale 15 million ordinary shares in the company. They have also granted underwriters a 30-day option to purchase up to 2.3 million additional ordinary shares. Gates noted that it isn't offering any shares, and won't receive any proceeds from the sale.

Source: Wall Street Journal December 08, 2023 23:31 UTC