Cintas Makes Another Attempt to Buy Out Rival UniFirst
Both Near Top of TT List of Top Uniform Rental Companies
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Cintas Corp. proposed a renewed takeover bid of UniFirst Corp. worth about $3.96 billion in equity in another attempt to buy out the rival uniform maker.
The $275-a-share cash offer comes nearly nine months after Cintassaidit had been unable to engage UniFirst in “substantive” discussions after an earlier same-price offer in January. Cintas said its new bid implies a total value of about $5.2 billion. It represents a 62% premium to the stock’s last closing price after shares tumbled in the wake of the last offer being rebuffed in March.
UniFirst was up 38% at 8:16 a.m. in New York on Dec. 22, before the start of regular trading. Cintas shares fell less than 1%.
An outside spokesman for UniFirst wasn’t immediately available to comment.
Cintas ranks No. 3 and UniFirst ranks No. 2 on the Transport Topics list of top uniform rental companies.
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