Gildan Activewear says Browning West’s share purchase was ‘illegal’

Gildan has alleged that the move was an "illegal" attempt by the U.S.-based fund to reappoint former Chief Executive Glenn Chamandy and eventually take control of Gildan's board. It added that Browning violated the U.S. anti-trust law by not notifying the U.S. Federal Trade Commission and U.S. Department of Justice about acquisition of voting securities and failed to comply with mandatory 30-day waiting period. "Browning West's share acquisitions barely put it over this threshold," Gildan said in a statement.