Gildan Wins Auction for American Apparel; Shares Undervalued
No-moat Gildan has announced that it has won the court-supervised auction to acquire the American Apparel brand and certain assets (including manufacturing equipment) of American Apparel. The transaction is expected to close in February 2017. Although the company’s final cash bid of approximately $88 million was above the initial bid of $66 million, we still think this acquisition makes strategic sense and is being completed at a fair price, given that American Apparel listed assets and liabilit...Gildan Activewear is engaged in the manufacturing and selling of activewear, socks and underwear. Co. sells activewear products to screenprint markets in North America, Europe and other international markets. Co. is the supplier of activewear for the screenprint channel in the United States, Canada, Europe and Mexico. Co. sells socks and underwear, in addition to its activewear products, to mass market and regional retailers in North America.
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