By Sabela Ojea
Shares of UniFirst on Tuesday surged following a report on a $5.1 billion takeover offer from competitor Cintas, a maker of workplace products, at a significant premium price.
The stock was up 29% to $218 in pre-market trading.
Cintas offered $275 per UniFirst share in cash, according to letters seen by The Wall Street Journal. The offer price is a more than 60% premium to where UniFirst shares ended trading Monday.
UniFirst stock closed at $169.33, giving the company a market value of roughly $3.1 billion. Cintas has a market value of over $74 billion.
Cintas plans to publicize its offer imminently, after UniFirst's board refused multiple times to engage further on any deal talks, the Journal reported, citing people familiar with the matter.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 07, 2025 08:17 ET (13:17 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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