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Gildan For Sale?

Somewhat out of the blue, Gildan Corporation issued a press release that they could be up for sale:

“In response to the receipt of a confidential non-binding expression of interest to acquire Gildan, Gildan’s Board formed a Special Committee of independent directors to, among other things, review and 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.

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 maximizing 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.

There can be no assurance any transaction will result from these discussions, and Gildan will continue to provide updates as appropriate.”

So check your piggy banks and maybe make an offer, the company is valued at about $6 Billion give or take some millions…


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