Browning West, LP, a long-term shareholder of Gildan Activewear, Inc. and beneficially owns approximately 5.0 percent of the company’s outstanding shares, announced that the courts dismissed the two lawsuits brought by Gildan’s Board of Directors against Browning West.
Gildan is based in Quebec, Canada.
The Superior Court of Quebec dismissed the Board’s Hart-Scott-Rodino Act (HSR Act) legal application in its entirety and refused to hold that there was any violation of the HSR Act.
Browning West said in a release that the Judge in the case indicated that the appropriate forum for the parties’ argument was not the courtroom but at the upcoming shareholders’ meeting.
The Quebec Financial Markets Administrative Tribunal dismissed another application brought by Gildan’s Board, which sought various orders regarding Browning West’s solicitation of proxies, including an order to prohibit Peter Lee from standing for election as a director of Gildan. Browning West said in the release that the Tribunal concluded that the public interest would not be served by any of the relief sought by Gildan. “Gildan’s application aims to satisfy private interests, not the public interest.”
Browning West reported it is seeking to elect eight qualified and independent director candidates, including Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner, to Gildan’s Board at the upcoming Annual Meeting of Shareholders scheduled for May 28, 2024.
Image courtesy Gildan
