The Financial Post reports in its Thursday, March 21, edition that Browning West LP, the activist shareholder leading a campaign against Gildan Activewear's board, is challenging the Canadian apparel maker's efforts to find a friendly buyer, saying the "reactionary" sale process may undervalue the company. A Bloomberg dispatch to the Post reports that Browning West said on Wednesday, "We are naturally concerned that the board has initiated a sale process in order to avoid accountability following continuous and growing support for Browning West's calls for significant board reconstitution." Browning West has proposed a slate of eight new directors, over the opposition of the current board. Shareholders are due to vote on May 28. Gildan, the owner of the American Apparel brand, said Tuesday it received a non-binding expression of interest to be acquired. The board has struck a special committee to review the proposal while seeking other potential buyers for a "potential friendly transaction." Browning West, which owns about 5 per cent of Gildan, said investors would be "dismayed" by a "rumoured" offer of $42 (U.S.) a share for the clothing manufacturer, saying such an offer effectively represents no premium.