On January 29, 2024, Gildan Activewear Inc announced that on January 21, 2024, the Company learned that Browning West accumulated its shares in violation of the HSR Act and used these unlawful acquisitions as a basis for the Requisition, for the violation of the HSR Act, Browning West would not have held sufficient shares to exercise the right to requisition a meeting under Canadian corporate law and the Company remains significantly concerned that the basis for Browning West?s Requisition which they seek to use to take control of the Board ? was founded on an illegality. In addition, the Company stated that it will file an application to the Quebec Court for declaratory judgment that the Requisition is null and void and, as a result, the special meeting of shareholders is cancelled, and notwithstanding the concerns regarding the validity of the Requisition, the Board, upon the recommendation of the Committee, determined to call the Meeting to be held on May 28, 2024, and to seek declaratory relief from the Court on this matter.

Further, the Company stated that it remains ready and willing to engage with Browning West and the majority of shareholders who are not aligned, to identify a responsible resolution that benefits all shareholders.