Gildan is Up for Sale

The blank apparel company has one potential buyer, but is continuing to field acquisition offers.

The Gildan Activewear board has decided to put the Canadian blank apparel company up for sale and is in talks with multiple bidders, according to Reuters. This decision was made by a special committee after receiving a confidential interest to purchase Gildan.

“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 maximizing the value of any potential transaction,” Simon Beauchemin, Gildan’s spokesperson, told the news agency.

Over the last four weeks, Gildan has received a takeover approach from a potential buyer. The company mandated investment banks RBC Capital Markets and Goldman Sachs Group to look for additional bidders.

Gildan’s listings on the New York and Toronto stock exchanges were halted. Its US-listed stock was last up 10 percent before the trading halt. As of last close, it had a market capitalization of C$7.72 billion ($5.69 billion).

Read more recent Gildan news here.

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