Gildan Activewear provides update on sale process

The board also provided an update on its previously communicated sale process in response to the receipt of a confidential non-binding expression of interest to acquire Gildan: “There continues to be external interest in acquiring the Company and the process is ongoing. Due to the timing of the upcoming Annual Meeting, which the Board is fully committed to hold on May 28, as originally planned, we do not expect to make any further announcements on the potential sale process before then. We are confident that with the stability resulting from the resolution of the contested directors’ election issue at the Annual Meeting, the newly reconstituted Board that we are recommending to our shareholders will, if elected, pursue their fiduciary duties by reviewing such external interest and assessing it against the Company’s future plans.” Gildan intends to file by April 29 its management proxy circular with the Canadian securities regulatory authorities on SEDAR+ in connection with its upcoming 2024 annual meeting to be held on May 28.