UniFirst Corporation confirmed on January 7, 2025, that its Board of Directors unanimously rejected an unsolicited, non-binding, and highly conditional proposal from Cintas Corporation. Cintas had offered to acquire all outstanding common and Class B shares of UniFirst for $275.00 per share in cash.
The proposal, which valued UniFirst at approximately $5.3 billion, represented a 46% premium over UniFirst’s ninety-day average closing price as of January 6, 2025. UniFirst's Board, in consultation with independent advisors, determined that the offer was not in the best interests of the company, its shareholders, and other stakeholders.
The Board considered the offer price, execution and business risks, and feedback from some of the company’s largest shareholders. UniFirst's management remains confident in its ongoing strategic transformation and the opportunities ahead to create significant shareholder value as a standalone entity.
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