The Globe and Mail reports in its Tuesday, March 26, edition that it appears that Gildan Activewear may be sold soon and a U.S. private equity fund might benefit from it, instead of the current shareholders of the Montreal-based clothing company. The Globe's Andrew Willis writes that the board of directors at Gildan Activewear has put the company for sale for about $8-billion (U.S.), just a few months after hiring Vince Tyra as the new chief executive officer. This decision has caused institutional investors, such as Turtle Creek Asset Management and Bank of Nova Scotia-owned Jarislowsky Fraser, to publicly criticize the board. Turtle Creek said on Monday in a press release: "This board does not have a mandate, nor the confidence of Gildan shareholders, to run a process that could result in the sale of Gildan. We strongly believe that the board has initiated a sale process in a desperate attempt to avoid the profound professional embarrassment that will befall the directors once they are voted off the board." The increasingly bitter battle between Gildan's board and some of its largest shareholders will determine the fate of the company that has made the leap onto the global stage.