Gildan Activewear shops for competing offers after potential buyer emerges

The embattled Montreal-based clothing manufacturer says the company received a non-binding expression of interest from a potential purchaser that it did not name.

Spokesman Simon Beauchemin says the company's board formed a special committee of independent directors to consider the proposal and determined it was in Gildan's best interests to contact other potential bidders and try to maximize the value of a possible sale. He says several parties the committee reached out to have expressed an interest in a potential friendly transaction with Gildan, though a sale won't necessarily result.

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 Glenn Chamandy would be replaced as CEO by Vince Tyra. While Gildan's executives claimed Chamandy had no credible long-term strategy and had lost the board's trust, a group of the company's shareholders insist he was the superior leader and have called for his return.The Canadian Press

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