Cintas Corporation Proposes to Acquire UniFirst Corporation for $275 Per Share in Cash

Cintas Corporation announced on December 22, 2025, that it has submitted a non-binding proposal to the Board of Directors of UniFirst Corporation to acquire all outstanding common and class B shares of UniFirst for $275.00 per share in cash. This proposal represents a total value of approximately $5.2 billion for UniFirst and offers UniFirst shareholders a 64% premium over the 90-day average closing price as of December 11, 2025. Cintas believes that combining the two companies would create significant benefits for customers, employees, and shareholders, leading to a stronger market position, enhanced customer service, and accelerated benefits from technology investments. The company is confident in a clear path to regulatory approval and has proposed a $350 million reverse termination fee. The transaction would be financed through Cintas's cash on hand, committed lines of credit, or other available financing sources, and would not be subject to shareholder approval. Cintas has reiterated its commitment to swiftly complete the transaction and is prepared to engage in immediate discussions to reach a definitive agreement.