Cintas Proposes To Buy UniFirst For $275 A Share

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(RTTNews) - Cintas Corporation (CTAS) Tuesday announced said it has proposed to acquire UniFirst Corporation (UNF) for a total value of about $5.3 billion.

Cintas has proposed to acquire all outstanding common and class B shares of UniFirst for $275.00 per share in cash. The offer gives shareholders a 46% premium to UniFirst's ninety-day average closing price as of January 6, 2025.

Cintas said the proposal was initially delivered to the UniFirst Board on November 8, 2024. Despite Cintas' multiple attempts to engage in a collaborative discussion, including a willingness to identify potential sources of additional value that would enable Cintas to increase its offer price and the company's openness to exploring alternative forms of consideration for the benefit of UniFirst shareholders, UniFirst's Board has refused to meet.

Todd Schneider, President and Chief Executive Officer of Cintas, said, "We firmly believe in the compelling strategic fit between our two companies, and our offer would deliver immediate and compelling value to UniFirst shareholders. The combination would also amplify the benefits of Cintas and UniFirst's ongoing technology investments to drive growth and benefit our collective customers and employee-partners."