Gildan Investor Blasts Board’s Sale Process as ‘Unintelligent’
- Clothing maker says it has received expressions of interest
- Investors Turtle Creek, Cardinal Capital question board’s move
A dissident group of investors that owns about one-third of Gildan’s shares has fought to reinstate Glenn Chamandy and has questioned the board’s actions.
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Some major shareholders of Gildan Activewear Inc. are criticizing the sale process the board is conducting, blasting the move as unwise and ill-timed amid a fight over control of the company.
The process — which the Canadian clothing manufacturer’s board announced last week after receiving interest from potential buyers — is “unintelligent and irresponsible,” Turtle Creek Asset Management said in a letter to the board Monday.