11:45:14 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Gildan Activewear Inc
Symbol GIL
Shares Issued 168,581,402
Close 2024-03-20 C$ 51.02
Market Cap C$ 8,601,023,130
Recent Sedar Documents

Globe says Gildan board called out over sale process

2024-03-21 08:21 ET - In the News

The Globe and Mail reports in its Thursday edition that opposition is growing against Gildan Activewear's board of directors' efforts to find a suitable buyer for the company. The Globe's Nicolas Van Praet and Andrew Willis write that Browning West says Gildan's move to start a sale process is an attempt by current directors to dodge their day of reckoning at an annual meeting scheduled for May 28. Browning West is leading a campaign by dissident investors who want to replace the current board and bring back former chief executive officer Glenn Chamandy. On Wednesday Browning West said it was "concerned that the board has initiated a sale process in order to avoid accountability." Gildan has confirmed that it has been approached by several potential buyers. The possibility of a sale has made the dispute over leadership in Gildan more intense and has given it a new perspective. Browning West and a few other shareholders are mulling Gildan's long-term value and are not likely to approve of an offer that does not come with a significant premium. The board faces pressure to do what is in Gildan's best long-term interests, rather than accepting a bid to deflect investor anger over its decision to dismiss Mr. Chamandy.

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