Boyar Value Group Urges UniFirst Board to Initiate a Strategic Review Following Rejection of Multiple Credible Acquisition Offers

Core Viewpoint - The Boyar Value Group has called for an immediate strategic review of UniFirst Corporation due to years of underperformance and the Board's refusal to engage with credible potential buyers [1][2]. Company Performance - UniFirst has faced years of underperformance, which has eroded shareholder confidence and destroyed value [3]. - The company has dismissed multiple acquisition approaches, including a recent proposal from Cintas Corporation that offered a more than 45% premium to UniFirst's unaffected price, which was $275 per share [2][3]. Governance Concerns - The refusal of UniFirst's Board to engage with credible buyers raises serious fiduciary concerns, as highlighted by the Boyar Value Group [2][4]. - There are concerns that the Board's decisions may be influenced by the substantial annual compensation of over $300,000 earned by many non-employee directors, rather than focusing solely on maximizing long-term shareholder value [5]. Strategic Recommendations - Boyar Value Group urges the UniFirst Board to take specific actions, including forming an independent special committee, reengaging with Cintas and other credible buyers, conducting a robust sale process, and providing transparency to shareholders regarding strategic alternatives [7].