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Cintas Proposes $5.3 Billion Acquisition of UniFirst at $275 Per Share, Offer Rebuffed

Jan 7, 2025, 01:56 PM

Cintas Corp., a major maker of workplace products, has made a $5.1 billion offer to acquire UniFirst Corp., a smaller uniform supplier, in what would be a $5.3 billion deal. The offer, which equates to $275 per share in cash, represents a 46% premium to UniFirst's 90-day average price. Despite multiple attempts by Cintas to engage since November, the proposal has been rebuffed by UniFirst's board. Cintas is expected to publicize its offer imminently. Following the report of the offer in The Wall Street Journal, UniFirst's stock surged, increasing by up to 40%.