Pzena escalates Gildan battle, tells board not to delay shareholder vote
BNN Bloomberg
Clothing manufacturer Gildan Activewear Inc. is coming under renewed pressure from a major shareholder to organize a vote soon to decide who’s on the board of directors.
Pzena Investment Management Inc. said it supports the efforts of another firm, Browning West LP, to force a meeting of investors at which they would cast ballots on a proposed new slate of directors.
“We have been speaking with the board and urging them to hold the requisitioned special meeting as soon as possible,” Akhil Subramanian, a Pzena portfolio manager, told Bloomberg. The New York-based firm would be one of the most influential players in a proxy fight, owning 6.5 per cent of Gildan, according to data compiled by Bloomberg.
Gildan, which is located in Montreal and owns the American Apparel brand, has been embroiled in a messy dispute with key investors over the dismissal of longtime Chief Executive Officer Glenn Chamandy in December.
