Cintas Corporation announced that it has terminated discussions with UniFirst Corporation regarding Cintas’ proposal to acquire all of the outstanding common and class B shares of UniFirst for $275.00 per share in cash, a premium of 46% over UniFirst’s ninety-day average closing price as of January 6, 2025, the last trading day before the Proposal was made public, according to a news release.
“We have engaged with UniFirst and its advisors over the past several weeks in an effort to reach a mutual agreement regarding a transaction that we believe offers tremendous value for customers and shareholders,” said Todd Schneider, president and CEO, Cintas.
“While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst regarding key transaction terms. We do not believe further discussions are warranted at this time,” Schneider said.
He added, “Cintas will continue to execute our proven growth strategy through disciplined M&A and investment in ongoing technology initiatives to drive innovation and efficiency. With Cintas’ talented team, differentiated culture, and superior products and services, we remain well-positioned to create meaningful value for our shareholders and all stakeholders.”
