×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

InsideArbitrage Potential Deal Alert: Gildan Activewear Forms Board Committee to Consider Potential Bids

  • March 20, 2024

POTENTIAL DEAL DETAILS

StockGildan Activewear Inc.SymbolGIL
Date Announced03/19/2024Source Press Release
TypeCompany Seeking Strategic Alternatives

Gildan Activewear (GIL) announced the board has decided to put the Canadian clothing maker up for sale and is in talks with multiple bidders. Gildan said that its board had formed a special committee to review a confidential non-binding expression of interest to acquire the company.

Gildan Activewear Investor Relations

Update(s):

March 20, 2024: According to Bloomberg, private equity firm Sycamore Partners is exploring an offer for Gildan Activewear.

April 3, 2024: According to The Globe and Mail, financial and legal advisers to the company are urging potential bidders to submit their offers by April 10. This approach aims to provide Gildan Activewear with ample time to assess the sales process before the annual shareholder meeting on May 28.

April 7, 2024: Browning West LP, one of Gildan Activewear Inc.’s largest shareholders, asked a Quebec court to block the clothing manufacturer’s board of directors from selling the company.

Browning West LP, which is conducting a campaign to replace the current board, wants the Superior Court of Quebec to order that Gildan directors “not enter into any binding agreement related to the sale of Gildan” before the company’s annual meeting on May 28.

Gildan Activewear (GIL) has hired investment banks RBC Capital and Goldman Sachs to seek potential buyers. Sycamore Partners is among the firms interested in an acquisition.

April 22, 2024: Gildan Activewear (GIL) announces board refreshment and recommends that Browning West nominees Karen Stuckey and J.P. Towner be appointed to the board.

 

 

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.