02:34 PM EDT, 03/19/2024 (MT Newswires) -- Gildan Activewear Inc.'s ( GIL ) board has put the T-shirt manufacturer up for sale and private equity funds are circling, escalating a three-month battle for control of one of the country's largest consumer product companies, The Globe and Mail newspaper is reporting Tuesday.

Over the past four weeks, Montreal-based Gildan received a takeover approach from a potential buyer and responded by giving investment banks RBC Capital Markets and Goldman Sachs Group Inc. a mandate to look for additional bidders, according to two sources, the report said. The Globe and Mail is not naming the sources because they are not permitted to speak publicly on the matter.

A Gildan spokesperson confirmed the company is examining the takeover approach, the report added.

Trading in Gildan shares has been halted pending news from the company. They last traded up about 10% in both Canada and in the United States.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 50.71, Change: +4.96, Percent Change: +10.84