Canada's Gildan Activewear considering acquisition offers

The committee, tasked with evaluating the proposal's merits and exploring alternative strategies, aims to uphold the best interests of Gildan's shareholders and stakeholders. With guidance from financial and legal advisors, the committee is exploring various options, including continuing with Gildan's current business plan or engaging in potential transactions to maximise shareholder value.

The company said in a statement: “After consulting with its legal and financial advisors and considering the interests of Gildan’s shareholders and other stakeholders, the Special Committee determined that it was consistent with its fiduciary duties and in the best interests of Gildan to contact other potential bidders with a view to maximising the value of any potential transaction. The Special Committee, with the assistance of its financial advisors, conducted targeted outreach to a small number of reputable potential counterparties. Several of these counterparties expressed an interest in considering a potential friendly transaction with Gildan.

“There can be no assurance any transaction will result from these discussions, and Gildan will continue to provide updates as appropriate.”

Fibre2Fashion News Desk (KD)