Browning says even if Gildan board is acting in a good faith attempt to explore a sale, uncertainty regarding future leadership of the company weakens its negotiating position in talks with any potential buyer
Usman Nabi , Co-Founder and CIO, and Peter Lee , Co-Founder and Partner, of the investment firm Browning West at their office in Los Angeles on March 25.U.S. investment firm Browning West is seeking a court order preventing the board of Gildan Activewear Inc. from signing any binding deal to sell the clothing maker until shareholders vote on new directors.
The prospect that Gildan could be sold has angered some of its shareholders. Their view: The board does not have the confidence of investors required to run a sales process. Investors holding an estimated 35 per cent of Gildan stock have publicly called for Mr. Chamandy’s return and several are also backing Browning West’s proposed slate of eight director nominees.
Gildan punched back, saying Sunday that Browning West has failed in every legal manoeuvre it has undertaken against the company.
Board Gildan Company Meeting Browning Court Plan Shareholders Canaccord Genuity Group Inc. Peter Lee Vince Tyra
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