Cintas Makes $5.3B Buyout Offer for UniFirst
Cintas, a provider of workplace products, has proposed acquiring competitor UniFirst for $275 per share in cash, for a total value of nearly $5.3 billion. The offer represents a 46% premium over UniFirst’s 90-day average closing price as of January 6, 2025.
The proposal was first presented on November 8, 2024, although UniFirst’s Board has declined to engage despite numerous efforts by Cintas. The merged entity would cater to more than one million commercial clients in the U.S. and Canada, with improved processing capabilities and route density.
This is Cintas’s second endeavor to buy UniFirst, subsequent to a prior proposal of $255 per share in February 2022. The current proposal is not contingent upon financing and will be financed using available cash, credit lines, and alternative funding sources. The transaction requires UniFirst shareholder and regulatory approvals.
“Our decision to publicize our proposal reflects our conviction in the merits of the combination, the value we place on UniFirst and its team and belief that UniFirst shareholders should know the value they stand to realize,” said Todd Schneider, president and CEO of Cintas.
