05:22 PM EDT, 03/19/2024 (MT Newswires) -- Gildan Activewear ( GIL ) late Tuesday said several parties expressed interest for a friendly takeover.

The Canadian clothing firm confirmed it received a confidential non-binding expression of interest from an unnamed suitor.

The company said a special committee of its board and its financial advisors began "targeted outreach to a small number of reputable potential counterparties" to also measure their interest in a deal.

Gildan shares climbed more than 10% on Tuesday before trading was temporarily suspended on New York Stock Exchange and Toronto Stock Exchange after media reports began circulating about a possible deal. The stock added another 2% in after-hours activity.

Gildan cautioned there was no assurance any transaction will result from the ongoing talks.

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