Cintas Proposes $5.1 Billion Acquisition of UniFirst

Cintas Corporation has proposed a $5.1 billion acquisition of UniFirst Corporation, offering $275 per share, which represents a significant premium over UniFirst's recent trading prices. Following the announcement, UniFirst's stock surged over 34% in pre-market trading, reflecting investor optimism regarding the deal. Despite multiple rejections from UniFirst's board to engage in negotiations, Cintas plans to make its offer public soon, emphasizing the strategic fit between the two companies and potential benefits for shareholders and employees. Cintas' proposal, initially submitted on November 8, 2024, highlights its commitment to increasing value for UniFirst shareholders, even offering to explore alternative deal structures. The acquisition would also enhance the impact of ongoing technology investments for both companies, according to Cintas' CEO. As of now, UniFirst's market value stands at roughly $3.1 billion, compared to Cintas' valuation of over $74 billion.