Gildan Activewear fields offers from multiple bidders for potential sale

Gildan Activewear has said the board has decided to put the Canadian clothing maker up for sale and is in talks with multiple bidders.

“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 said.

The Globe and Mail earlier in the day quoted two people familiar with the situation to say that Gildan had received a takeover proposal from a possible buyer within the last four weeks, and the business instructed investment banks RBC Capital Markets and Goldman Sachs Group to seek for more bids.

According to Beauchemin, the special committee has made contact with a few respectable possible partners with the assistance of financial consultants. Some people have expressed interest in looking into a possible cordial business arrangement with Gildan, the representative continued.

Gildan 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.