MASON (dpa-AFX) - Cintas Corp. (CTAS) announced Monday that it submitted a proposal to the Board of Directors of UniFirst Corp. (UNF) to acquire all outstanding common and class B shares of UniFirst for $275.00 per share in cash.
The Proposal, which was delivered to the UniFirst Board on December 12, 2025, implies a total value for UniFirst of approximately $5.2 billion and offers UniFirst shareholders a 64% premium to UniFirst's ninety-day average closing price as of December 11, 2025.
The combined company would provide innovative products and outstanding service to well over 1 million business customers across the US and Canada.
Cintas has undertaken substantial work on the regulatory front and remains confident that there is a clear path to obtaining the regulatory approvals necessary to consummate the proposed transaction.
In the most recent Proposal, Cintas has offered to extend a $350 million reverse termination fee payable to UniFirst in the event the transaction is not approved.
The proposed transaction would not be subject to any financing contingencies or approval by Cintas' shareholders. The cash consideration would be financed from Cintas cash on hand, committed lines of credit and/or other available sources of financing.
Cintas expects to have limited and specific confirmatory due diligence requirements, customary for a public company transaction of this nature.
The completion of the contemplated transaction is contingent upon reaching a definitive agreement and would be subject to the satisfaction of customary closing conditions, including receipt of UniFirst shareholder approval.
On December 16, 2025, UniFirst acknowledged receipt of the Cintas proposal. However, they have had no substantive engagement since that date.
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