Cintas, UniFirst Scrap Takeover Talks Without Reaching Deal; UniFirst Sinking After-Hours

MT Newswires Live03-24

Cintas (CTAS) late Monday said it has terminated discussions with UniFirst (UNF) about a potential acquisition of the rival industrial uniforms company.

The companies were unable to strike a deal on key terms needed to complete a transaction, Cintas Chief Executive Todd Schneider said in a statement. "We do not believe further discussions are warranted at this time," he added.

In early January, Cintas went public with its takeover bid, offering to acquire UniFirst for $275 per share, valuing the target company at around $5.3 billion. It previously approached UniFirst in February 2022 with an offer of $255 per share and increased its bid to $275 per share in November 2024 but was rebuffed both times.

Shares of Cintas were flat in Monday's after-hours session, while UniFirst fell past 10%.

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