Will now pay quarterly 36.5 cents per share, up from 33 cents per share.
Province will hold 49.9% but that could slip to 47.8% if over allotment option is exercised.
Issues include expensive aluminum Super-Duty launch and Brexit hit to UK sales.
Glenn Chamandy has put up large blocks of shares in Gildan for sale on three previous occasions.
Carl Icahn wanted 25% of the company’s shares, but was tendered only 22% before offer expired.