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

Gates Industrial Corp.’s stock
GTES,
-5.51%
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,
+0.11%.
The offering is expected to close on Dec. 13. The company did not provide a dollar amount for the pricing.