Gildan Activewear (NYSE:GIL) has released a letter from its board of directors to shareholders ahead of the 2024 Annual Meeting, which is scheduled for May 28, 2024.

The letter addresses the company's battle with activist investor Browning West, who seeks to replace eight of Gildan’s directors with its own nominees, including reappointing Glenn Chamandy as CEO.

The board advises shareholders to vote in favor of Gildan's nominees and specifically endorses Karen Stuckey and J.P. Towner.

The letter from the chairman highlights the risks associated with Browning West’s potential control, including the threat to shareholder value due to their aggressive takeover attempt without offering a premium.

Additionally, the board expresses concerns over the potential instability that Browning West’s control could bring to the company.