Gildan Activewear shared that its board of directors made the decision to put the blank apparel manufacturer up for sale, talking with various bidders, according to Reuters. The decision comes after a months-long battle between Gildan’s top stakeholders and the board following the firing of co-founder and CEO Glen Chamandy and the appointment of Vince Tyra as president and CEO in December.

While one potential buyer has come with a “takeover approach,” Gildan has investment banks RBC Capital Markets and Goldman Sachs Group seeking additional bidders, according to The Globe and Mail. Multiple news sources state that Gildan confirmed it had received a “confidential non-binding expression of interest to acquire” the company, and a board committee will review the proposal.

“The Special Committee determined that it was consistent with its fiduciary duties and in the best interests of Gildan to contact other potential bidders with a view to maximizing the value of any potential transaction,” Simon Beauchemin, Gildan’s spokesperson, told Reuters.

As of March 19, Bloomberg reports that private equity firm Sycamore Partners is exploring an offer for Gildan but declined to comment. “The New York-based buyout firm has discussed financing options with potential lenders, according to one of the people, who requested anonymity to discuss confidential information,” Bloomberg notes.

Beauchemin shares that Gildan’s committee and financial advisors have interest from some bidders looking to make a “friendly” transaction. However, it’s important to note that while Gildan is reviewing offers from potential buyers, there’s no guarantee a transaction will take place.

Gildan Investor Releases Open Letter, Calls Board to Hold Meeting

Turtle Creek Asset Management, a decade-long shareholder of Gildan Activewear, sends an open letter to the apparel manufacturer’s board of directors in response to its initiation of a sale.

It reads in part:

Turtle Creek is a long-term and engaged owner of Gildan. We are deeply troubled with the Board’s latest attempt to avoid the judgment of its shareholders through a purported process to sell the Company. This Board does not have a mandate, nor the confidence of Gildan shareholders, to run a process that could result in the sale of Gildan. … If a meeting of Gildan shareholders were held today, we have a high level of confidence that the shareholders would vote overwhelmingly in favor of the individuals nominated by Browning West LP.

The letter goes on to say that the timing of the sale has left the firm “stunned in disbelief,” and it believes the process led by the Special Committee is an attempt by the board to “evade accountability for its actions.”

Despite Gildan trading at just under $37 before trading was halted, Turtle Creek says it has done its own analysis and valuing and has Gildan’s current value at $60 per share.

The firm ends the letter by stating:

We and other shareholders do not trust the current Board to act as independent fiduciaries for us. We demand the Board hold the annual meeting of shareholders on an urgent basis and allow shareholders to elect a new Board before further, permanent harm is caused to the Company.

We remain steadfast in our resolve to see substantial Board change. The Board still has an opportunity to do the right thing and put an end to an unfortunate chapter in the Company’s history.