UniFirst Shares Fall After Cintas Scraps Takeover Talks

MT Newswires Live03-25

UniFirst (UNF) shares were down over 13% in recent Tuesday trading after Cintas (CTAS) ended discussions with UniFirst about a potential takeover.

Cintas' Chief Executive Todd Schneider said late Monday they were unable to have "substantive engagement with UniFirst regarding key transaction terms."

"We do not believe further discussions are warranted at this time," Schneider said.

In early January, Cintas offered to acquire UniFirst for $275 per share, valuing the target company at around $5.3 billion.

After the termination news, UBS cut its price target on UniFirst to $194 from $235 while keeping its neutral rating.

Cintas shares were about 0.5% lower.

Price: 170.00, Change: -27.57, Percent Change: -13.95

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