Why Hanesbrands Rocketed Higher Today
Shares of Hanesbrands (NYSE: HBI) rocketed higher on Tuesday, appreciating 27.5% as of 3:02 p.m. ET.
One doesn't normally associate an underwear manufacturer with those types of one-day gains, and indeed there was a unique news item regarding Hanesbrands today: a potential buyout offer.
Today, the Financial Times reported that Gildan Activewear (NYSE: GIL), the Canada-based owner of the Gildan custom T-shirt brand and a licensor of other brands, such as Champion, was going to make a bid to acquire Hanesbrands for an enterprise value of around $5 billion, including Hanesbrand's $2.29 billion in debt.
Source Fool.com
Gildan Activewear Inc. Stock
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The stock is an absolute favorite of our community with 23 Buy predictions and no Sell predictions.
As a result the target price of 54 € shows a slightly positive potential of 15.38% compared to the current price of 46.8 € for Gildan Activewear Inc..
