Gildan Activewear Frees More Shares for Buybacks After Activist Win

Dow Jones05-30

By Ben Glickman

Gildan Activewear said Wednesday it had roughly doubled the number of shares available for buybacks after getting a new board of directors and the reinstatement of former Chief Executive Glenn Chamandy.

The Canadian apparel company said its new board had approved the resumption of share repurchases and an amended normal course issuer bid. Under the company's revised NCIB, which has been approved by the Toronto Stock Exchange, Gildan can repurchase 17.1 million shares, representing about 10% of the public float as of July 31, 2023.

The company could previously repurchase up to 8.8 million shares, or 5% of its issued and outstanding shares as of the same date, under the previous terms of the NCIB.

The NCIB began Aug. 9, 2023, and is set to end after one year.

Gildan said last week that its board resigned after a proxy campaign to reinstate Chamandy.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 29, 2024 19:03 ET (23:03 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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