Hanesbrands down after agreeing to $4.4 billion deal from Canada's Gildan Activewear

** Shares of U.S. undergarments maker Hanesbrands HBI.N down ~5% at $5.86 premarket

** Co agrees to a $4.4 billion takeover deal from Canada's Gildan Activewear GIL.TO

** HBI rose as much as 40% to $6.74 in previous session, when news of the deal first emerged

** Gildan's $6 per share cash-stock deal, represents a 24% premium to HBI's close on Monday and implies an equity value of $2.2 billion

** Companies expect the combination to double Gildan's revenues and enhance market position by leveraging Hanes' strong brand presence in activewear

** Transaction is expected to close in late 2025 or early 2026

** Up to last close, HBI was down about 24% YTD