The pending $4.4 billion sale of HanesBrands to Canadian rival Gildan Activewear represents the most recent — but certainly not only — Triad example of what can happen when shareholder groups identify weakness in a publicly traded company.

Separate investor initiatives set in motion in 2023 created the necessary friction that compelled a revamped Gildan board of directors and management to shift into acquisition mode and their HanesBrands counterparts to find a buyer.

Montreal-based Gildan endured a bitter six-month proxy fight over control of the manufacturer that resulted in $76 million in expenditures and the emergence of Browning West LP leading an investor coalition representing a combined 35% ownership stake.

Long-time chief executive Glenn Chamandy was fired by the board in D

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