The Globe and Mail reports in its Monday, Jan. 22, edition that Gildan Activewear says Browning West, which is leading a campaign to replace its board of directors, has amassed an interest in the company illegally, undermining the legitimacy of its right to request a special meeting. The Globe's Nicolas Van Praet writes that Browning West counters that the claim is part of a series of "desperate and egregious" stunts by the Gildan board to entrench itself. Gildan said in a release Sunday that Browning West, which is aiming to replace a majority of Gildan's board and bring back former chief executive officer Glenn Chamandy, violated U.S. antitrust law when it rapidly accumulated Gildan shares last month. Gildan said in a release: "Browning West's illegal share acquisitions add to the many serious questions raised about the purpose, planning and prudence of Browning West's campaign. What is clear is that Browning West and Mr. Chamandy desire to seize control of Gildan as rapidly as possible, and it appears they will step over the law to do so." Browning West denies it acted inappropriately. Browning West says Gildan's claim amounts to a "desperate and self-serving attempt" to avoid holding a special meeting.
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