Gildan Investor Blasts Board’s Sale Process as ‘Unintelligent’

Some major shareholders of Gildan Activewear Inc. are criticizing the sale process the board is conducting, blasting the move as unwise and ill-timed amid a fight over control of the company.

The process — which the Canadian clothing manufacturer’s board announced last week after receiving interest from potential buyers — is “unintelligent and irresponsible,” Turtle Creek Asset Managementsaid in a letter to the board Monday.

“Just because an offer has been received does not require the board to seriously entertain it, especially when the company is in the midst of a boardroom battle,” said the Toronto-based firm, which owns ...