Gildan Will Pay $2.2 Billion for Hanesbrands
Tuesday’s rumors of Gildan’s first big move since its protracted proxy battle were confirmed Wednesday morning when the activewear manufacturer announced it has agreed to buy Hanesbrands for $2.2 billion in cash and stock. The offer implies a value of $6 per Hanesbrands share, a roughly 24% premium to the company’s closing price on Monday. Hanesbrands shareholders will receive 0.102 common shares of GIL and $0.80 cash for each Hanesbrands share. Upon closing, HBI shareholders will own about 19.9% of GIL shares on a non-diluted basis. The transaction now goes to ... Log in to view full article.