MASON (dpa-AFX) - Cintas Corp. (CTAS) has announced its decision to discontinue discussions with UniFirst Corp. (UNF) about a proposed acquisition. The proposal offered $275.00 per share in cash, representing a 46% premium over UniFirst's 90-day average closing price as of January 6, 2025, prior to the proposal being made public.
Todd Schneider, President and CEO of Cintas, stated that despite weeks of engagement with UniFirst and its advisors, they were unable to find common ground on key terms of the transaction. He emphasized that while Cintas still sees value in such a deal, the lack of meaningful progress has led to the conclusion that further discussions are not worthwhile at this time.
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