16:54:57 EDT Wed 01 May 2024
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Gildan Activewear Inc
Symbol GIL
Shares Issued 168,581,402
Close 2024-04-05 C$ 49.18
Market Cap C$ 8,290,833,350
Recent Sedar Documents

Globe says Browning West aims to block Gildan sale

2024-04-08 07:22 ET - In the News

The Globe and Mail reports in its Monday, April 8, edition that Browning West is seeking a court order to prevent Gildan Activewear's board from signing any deal to sell the company without shareholder approval of new directors. The Globe's Nicolas Van Praet writes that the request was made last week as an amendment to an existing suit in the Quebec Superior Court's commercial division, filed by Browning West, which has about a 5-per-cent interest in Gildan. Browning West founders Usman Nabi and Peter Lee said in an e-mailed statement, "We do not believe the current board has a mandate to be making any decisions about the future of the company." Gildan dismissed Browning's gambit to hamstring existing directors as "ridiculous." The legal volleys between Montreal-based Gildan and Browning West has become one of the most acrimonious corporate power struggles in recent years in Canada. As the clock ticks down on a Wednesday deadline for initial offers for the apparel manufacturer, the clash has taken on another level of urgency. Gildan has hired investment banks RBC Capital Markets and Goldman Sachs to scout for additional bidders. The prospect that Gildan could be sold has angered some of its shareholders.

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