08:23:12 EDT Tue 07 May 2024
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Gildan Activewear Inc
Symbol GIL
Shares Issued 169,217,544
Close 2024-03-12 C$ 45.74
Market Cap C$ 7,740,010,463
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Globe says Browning West takes Gildan to court

2024-03-13 07:47 ET - In the News

The Globe and Mail reports in its Wednesday, March 13, edition that the legal battle for control of Gildan Activewear is escalating to the courts. The Globe's Nicolas Van Praet writes that Browning West, a long-time shareholder of Gildan, is leading an effort to replace most of the company's board of directors. On Monday, Browning West filed an application with the Quebec Superior Court, requesting that Gildan hold its annual meeting on May 28 as scheduled, without any delays. Additionally, the firm wants the court to approve the appointment of an independent chairman to oversee the meeting, ensuring a fair and transparent process. Browning West founders Usman Nabi and Peter Lee said in a statement: "We are concerned that the board will seek to delay the annual meeting. While we expect Gildan to oppose Browning West's application, we will not be deterred and will continue to do whatever is necessary to ensure that all shareholders have an opportunity to replace the directors whose decisions have destroyed shareholder value and who have failed to give due regard to the views of investors." On Tuesday Gildan called the lawsuit "completely meritless," saying, "The legal filing contains no credible arguments."

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