04:59 PM EDT, 05/15/2024 (MT Newswires) -- Gates Industrial ( GTES ) said Wednesday that affiliates of Blackstone (BX) started a secondary offering of 17.5 million shares of the company.

The selling shareholders plan to give underwriters a 30-day option to buy 2.6 million additional shares, according to the company.

Gates said it is not selling any shares in the offering and will not receive any proceeds from the sale.

The company's shares were down 2.7% in recent after-hours activity.

Price: 16.55, Change: -0.45, Percent Change: -2.65