Hanesbrands (NYSE: HBI) CEO reports stock and option conversion in Gildan deal
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Hanesbrands Inc. reported that its Chief Executive Officer, who is also a director, disposed of Hanesbrands common stock and related equity awards on 12/01/2025 in connection with the company’s merger with Gildan Activewear Inc..
According to the merger terms, each share of Hanesbrands common stock reported was converted into the right to receive 0.102 Gildan common shares plus $0.80 in cash, without interest. Outstanding Hanesbrands restricted stock units were converted into Gildan restricted stock units based on an Equity Award Exchange Ratio tied to Gildan’s volume‑weighted average share price over 20 trading days. Likewise, Hanesbrands stock options were converted into Gildan stock options using the same ratio, with exercise prices adjusted so that holders received economically equivalent awards in Gildan shares.
Positive
- None.
Negative
- None.
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
Bratspies Stephen B
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Employee Stock Option (right to buy) | 83,333 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 83,333 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 83,334 | $0.00 | -- |
| Disposition | Common Stock | 962,058 | $0.00 | -- |
| Disposition | Common Stock | 919,600 | $0.00 | -- |
Holdings After Transaction:
Employee Stock Option (right to buy) — 0 shares (Direct);
Common Stock — 919,600 shares (Direct)
Footnotes (1)
- Disposed of pursuant to the Agreement and Plan of Merger, dated as of August 13, 2025 (the "Merger Agreement"), by and among the Issuer, Gildan Activewear Inc. ("Gildan"), Galaxy Merger Sub 2, Inc., a direct wholly owned subsidiary of Gildan ("Second Gildan Merger Sub"), Galaxy Merger Sub 1, Inc., a direct wholly owned subsidiary of Second Gildan Merger Sub ("First Gildan Merger Sub"), Helios Holdco, Inc., a direct wholly owned subsidiary of the Issuer ("Hanesbrands Holdco"), and Helios Merger Sub, Inc., a direct wholly owned subsidiary of Hanesbrands Holdco. Pursuant to the Merger Agreement, each share of the Issuer's common stock ("Hanesbrands Common Stock") reported on this Form 4 was ultimately converted into the right to receive (a) 0.102 common shares of Gildan ("Gildan Common Shares") and (b) $0.80 in cash, without interest. Pursuant to the Merger Agreement, each outstanding restricted stock unit of the Issuer (each, a "Hanesbrands RSU"), whether vested or unvested, was ultimately converted into a Gildan restricted stock unit (each, a "Gildan RSU"). The number of Gildan Common Shares subject to each such Gildan RSU was determined by multiplying the number of shares of Hanesbrands Common Stock subject to such Hanesbrands RSU immediately prior to the First Gildan Merger Effective Time (as defined in the Merger Agreement) by the Equity Award Exchange Ratio, rounding down to the nearest whole number of Gildan Common Shares. (Continued from Footnote 2) The "Equity Award Exchange Ratio" means the sum of (a) 0.102 and (b) the quotient, rounded to two decimal places, obtained by dividing (i) $0.80 by (ii) the average of the volume weighted averages of the trading prices of Gildan Common Shares on the New York Stock Exchange on each of the 20 consecutive trading days ending on (and including) the trading day that is two trading days prior to the date on which the closing of the transactions pursuant to the Merger Agreement occurs. Pursuant to the Merger Agreement, each outstanding stock option of the Issuer (each, a "Hanesbrands Option"), whether vested or unvested, was ultimately converted into a Gildan stock option (each, a "Gildan Option"). The number of Gildan Common Shares subject to each such Gildan Option was determined by multiplying the number of shares of Hanesbrands Common Stock subject to such Hanesbrands Option immediately prior to the First Gildan Merger Effective Time by the Equity Award Exchange Ratio, rounding down to the nearest whole number of Gildan Common Shares. The exercise price per Gildan Common Share with respect to each Gildan Option was determined by dividing the exercise price per share of Hanesbrands Common Stock with respect to the related Hanesbrands Option by the Equity Award Exchange Ratio, rounding up to the nearest whole cent.
