Canadian apparel manufacturer Gildan Activewear up for sale, Globe and Mail reports (updated)

Gildan Activewear

19/03/2024 18:25

(Adds background, shares, details from the report)
       March 19 (Reuters) - Canadian company Gildan
Activewear's  GIL.TO   GIL.N  board has put the clothing maker
up for sale amid a prolonged battle for control over the
company, the Globe and Mail reported citing a company
spokesperson. 
    Gildan's listings on the New York and Toronto stock
exchanges were halted in anticipation of further news.
    Over the past four weeks, Gildan had received a takeover
approach from a potential buyer. In response, the company
mandated investment banks RBC Capital Markets and Goldman Sachs
Group to look for additional bidders, the Globe and Mail
reported citing two sources familiar with the matter.
    The company has been embroiled in a battle between its top
stockholders, such as investment firm Browning West, and the
board, which fired co-founder and CEO Glenn Chamandy in
December.
    Gildan did not immediately respond to a Reuters request for
comment.

 (Reporting by Juveria Tabassum; Editing by Krishna Chandra
Eluri)
 ((Juveria.Tabassum@thomsonreuters.com;))