: Gates Industrial stock drops nearly 8% after company prices share offering

Gates Industrial Corp.’s stock GTES was down nearly 7.7% in premarket trading on Friday after the power transmission manufacturer said it priced a previously-announced secondary offering of 15 million shares. The sellers are stockholders affiliated with Blackstone Inc. BX. The offering is expected to close on Dec. 13. The company did not provide a dollar amount for the pricing.

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