The
The company's board formed a special committee of independent directors to "consider the merits of the proposal and any alternative transaction, including maintaining the status quo and continuing to execute on Gildan’s existing business plan," spokesman
The board eventually determined it was in Gildan's "best interests" to contact other potential bidders "with a view to maximizing the value of any potential transaction."
"Several of these counterparties expressed an interest in considering a potential friendly transaction with Gildan," Beauchemin said, cautioning that there is no guarantee any deal will materialize.
The development comes as Gildan has been embroiled in a fight over who should lead the firm since it announced late last year that co-founder and then-chief executive
Tyra previously served as CEO of clothing company
Once Tyra was named as Chamandy's successor, a group of the company's shareholders including
They painted Chamandy as the superior leader, with Turtle Creek even calling his termination a "grievous error" that appeared to have been done in haste and without consideration of shareholders or the impact on the company.
Gildan's executives, however, claimed Chamandy had no credible long-term strategy and was focused on "high-risk and highly dilutive multi-billion-dollar acquisitions that would shift Gildan away from its core area of manufacturing experience."
The company said Chamandy had lost the board's trust and later accused him of having inappropriately close relationships with some shareholders pressing for his return.
Chamandy did not immediately respond to a request for comment Tuesday, but an automatic email reply directed media to his previous statements on Gildan.
In those statements, he defended his leadership and said the company's board had been making "false, defamatory and misleading" statements, making him "one of many victims of the board's rogue behaviour and value-destroying actions."
"Gildan's employees, customers and shareholders are now facing an uncertain future because of it," he said.
Gildan's history dates back to 1946, when Glenn Chamandy’s grandfather,
Greg and
This report by The Canadian Press was first published
Companies in this story: (TSX:GIL)
© 2024 The Canadian Press. All rights reserved., source