Gildan Activewear shops for competing offers after potential buyer emerges

Gildan Activewear Inc. is entertaining offersto buy the business after seeing interest from at least one potential buyer.

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," Beachemin said, cautioning that there is no guarantee any deal will materialize.

Once Tyra was named as Chamandy's successor, a group of the company's shareholders including Browning West, Jarislowsky Fraser and Turtle Creek Asset Management Inc, began calling for the decision to be reversed. Chamandy did not immediately respond to a request for comment Tuesday, but an automatic email reply directed media to his previous statements on Gildan.

Gildan's history dates back to 1946, when Glenn Chamandy’s grandfather, Joseph Chamandy, started Harley Inc., a manufacturing company that produced activewear, children’s apparel and sleepwear.

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