Cintas Corporation (CTAS) has announced its proposal to acquire UniFirst Corporation (UNF) in a deal valued at approximately $5.3 billion. The proposal outlines Cintas' intention to purchase all outstanding common and class B shares of UniFirst at a cash price of $275.00 per share. This offer represents a 46% premium compared to UniFirst's average closing price over the ninety days leading to January 6, 2025.
Cintas revealed that the proposal was initially submitted to UniFirst's Board on November 8, 2024. Despite several attempts by Cintas to initiate a collaborative dialogue, which included a readiness to identify additional value sources that could justify a higher offer price, as well as a willingness to explore alternative forms of consideration beneficial to UniFirst shareholders, UniFirst's Board has remained unresponsive to meeting requests.
Todd Schneider, the President and CEO of Cintas, stated, "We strongly believe in the strategic alignment between our companies, and our proposal offers immediate and substantial value to UniFirst shareholders. This merger would enhance the impact of our ongoing technology investments, promoting growth for both Cintas and UniFirst, while benefiting our collective customers and employee-partners."
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