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)
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