UniFirst Confirms Rejection of Unsolicited, Non-Binding and Highly Conditional Acquisition Proposal from Cintas Corporation

Acquisition Proposal - UniFirst Corporation received and unanimously rejected an unsolicited, non-binding acquisition proposal from Cintas Corporation at $275 per share for all outstanding common and Class B shares [1] - The Board determined the proposal was not in the best interests of the company, its shareholders, and stakeholders after considering the offer price, execution risks, business risks, feedback from major shareholders, and future growth opportunities [2] Company Strategy and Confidence - UniFirst's Board and management team remain confident in the company's current strategy and its ability to create significant shareholder value [3] - The company is committed to continuing actions aimed at creating value for all shareholders [3] Company Overview - UniFirst Corporation is a North American leader in uniform and workwear programs, facility service products, and first aid and safety supplies and services [4] - The company manages specialized garment programs for the cleanroom and nuclear industries and manufactures its own branded workwear, protective clothing, and floorcare products [4] - UniFirst operates over 270 service locations, serves more than 300,000 customer locations, and employs over 16,000 Team Partners, outfitting more than 2 million workers daily [4] Financial and Legal Advisors - J P Morgan Securities LLC is serving as UniFirst's financial advisor, and Paul Hastings LLP is serving as legal advisor [3]