Browning West Contends That Gildan Activewear’s Reactionary Sale Process Underscores Why Immediate Board Reconstitution is Required
“Since the onset of our campaign, we have maintained that Gildan is a high-quality business with significant latent earnings power and strong value creation potential under the right Board and management. We are naturally concerned that the Board has initiated a sale process in order to avoid accountability following continuous and growing support for Browning West’s calls for significant Board reconstitution. Based on unsolicited feedback we have received from fellow shareholders, we believe that the Company’s owners would be dismayed at the rumored
The Board’s reactionary sale process underscores our message to shareholders last week that a meaningful reconstitution of the Board is immediately required, even before the Annual Meeting in May. Our slate clearly has substantial shareholder backing and is focused on maximizing long-term shareholder value, compared to the current ‘lame duck’ Board which is poorly positioned to evaluate any offers for the Company because: (i) it has already revealed its lack of competence due to its botched CEO succession process, (ii) its standalone plan under weak leadership is likely substantially inferior to any plan executed by our highly qualified slate, and (iii) the Board is entirely focused on avoiding personal accountability at the
Disclaimer for Forward-Looking Information
Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “outlook,” “objective,” “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of
Although
Advisors
About
Browning West is an independent investment partnership based in
Browning West seeks to identify and invest in a limited number of high-quality businesses and to hold these investments for multiple years. Backed by a select group of leading foundations, family offices, and university endowments, Browning West’s unique capital base allows it to focus on long-term value creation at its portfolio companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240320419876/en/
Browning West
info@browningwest.com
310-984-7600
browningwest@longacresquare.com
Pelican PR
media@rppelican.ca
christine@carsonproxy.com
Source: Browning West, LP