At least three U.S. private equity funds – Bain Capital, Sycamore Partners and Clayton Dubilier & Rice LLC – are circling Gildan, according to analysts
is pushing potential buyers to make their initial takeover offers by April 10 as the clothing manufacturer attempts to find alternatives to an activist investor campaign aimed at replacing its directors.
Gildan’s financial and legal advisers are now pushing potential bidders to make their initial offers by next Wednesday, according to two sources familiar with the process, as part of a strategy to give shareholders clarity on the sales process ahead of Gildan’s annual meeting, scheduled for May 28, where shareholders will vote on board members.
At least three U.S. private equity funds – Bain Capital, Sycamore Partners and Clayton Dubilier & Rice LLC – are circling Gildan, according to analysts. Gildan’s advisers are the investment banking units of Royal Bank of Canada and Goldman Sachs Group Inc. and law firm Norton Rose Fulbright Canada LLP. Canaccord Genuity Group Inc. is advising the special committee of Gildan’s board that will consider takeover offers.
Gildan’s board has been in a war of words with Browning West and several other institutional investors since December, with some fund managers arguing Gildan’s shares are undervalued and the directors’ decision to put the company up for sale is driven by fears of losing the proxy vote at the annual meeting.
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