Core Insights - Cintas has renewed its bid for UniFirst at $275 per share, representing a 62% premium over UniFirst's closing price prior to the announcement [1][2] - Following the news, UniFirst shares surged over 16% to approximately $198, while Cintas shares increased by about 2% to just under $192 [1] Bid Details - The new proposal includes a substantial reverse termination fee of $350 million to alleviate regulatory concerns, indicating Cintas's commitment to securing the deal [2][3] - Cintas had previously attempted to acquire UniFirst in January but faced regulatory hurdles, leading to the termination of negotiations in March [2] Regulatory Confidence - Cintas has stated that it has made significant progress on the regulatory front and is confident in obtaining the necessary approvals for the transaction [3] - CEO Todd Schneider emphasized the potential benefits of the merger for customers, employee-partners, and shareholders [4]

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].