Cintas Isn’t Taking Years of No for an Answer, Makes Fresh Bid for UniFirst

Core Viewpoint - Cintas is making a renewed attempt to acquire UniFirst for $5.2 billion, indicating persistence after nearly four years of unsuccessful negotiations [1][5]. Group 1: Acquisition Details - Cintas has offered to acquire all outstanding common and Class B shares of UniFirst at $275 each, leading to a total deal value of approximately $5.2 billion [2][5]. - The offer includes a $350 million reverse termination fee to ensure regulatory approval, demonstrating Cintas's commitment to closing the deal [5]. Group 2: Market Reaction - Following the announcement of the acquisition offer, UniFirst shares increased by over 30% in premarket trading, while Cintas shares saw a slight uptick [3]. - UniFirst's stock closed at $170.16 prior to the offer, indicating that the proposed price represents a more than 60% premium compared to recent trading levels [6]. Group 3: Strategic Rationale - Cintas believes that merging with UniFirst presents strong strategic and industrial logic, reinforcing its long-standing interest in the acquisition [4][5]. - Cintas's initial interest dates back to February 2022, when it first proposed a $255 per share offer, which was a 43% premium at that time [7].