Karishma Vanjani
UniFirst shares surged Tuesday morning following a report in The Wall Street Journal that Cintas, a competitor in workplace uniforms, has made an offer to acquire the company, valuing it at $5.1 billion.
Cintas, which offers first aid and safety and other uniforms, is proposing to pay $275 per share for all of Unifirst's outstanding common and Class B shares. That gives UniFirst an equity value of about $5.1 billion, the report said. The stock closed at $169.33 on Monday, implying a 62% premium to the value.
Unifirst's stock surged 40% to over $236 a share after the report.
The two companies haven't made any announcement, and Unifirst didn't immediately respond to Barron's request for comment.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com.
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 07, 2025 08:48 ET (13:48 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。