Private equity firm Sycamore Partners considers a bid for Gildan Activewear Inc., which owns American Apparel, amid board conflict with major shareholders.
Private equity firm Sycamore Partners is considering a bid for Gildan Activewear Inc., a Canadian clothing manufacturer that owns the American Apparel brand. Gildan has received a non-binding expression of interest from the firm and has formed a special board committee to review the proposal and any alternative transactions. The company has hired Goldman Sachs Group, RBC Capital Markets, and Canaccord Genuity Group as financial advisors. Gildan's board has been in conflict with a group of institutional shareholders led by investment firm Browning West LP, who hold over one-third of Gildan's shares.
March 19, 2024
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