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. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool