Insights
- Gildan Activewear Inc, a US-based apparel firm, is considering a potential acquisition offer and has formed a Special Committee to assess this interest.
- The committee, with the support of advisors, will explore options to maximise shareholder value, including contacting other potential bidders.
- However, there's no guarantee that any transaction will occur.
US-based apparel company Gildan Activewear Inc has disclosed its contemplation of a potential acquisition offer. The company's board initiated a Special Committee of independent directors to assess a confidential non-binding interest expression for the acquisition of Gildan.
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.
Gildan Activewear Inc, a US-based apparel firm, is considering a potential acquisition offer and has formed a Special Committee to assess this interest.
The committee, with the support of advisors, will explore options to maximise shareholder value, including contacting other potential bidders.
However, there's no guarantee that any transaction will occur.
“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)
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