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Cintas Corporation has officially terminated discussions to acquire UniFirst Corporation, which was valued at approximately $5.3 billion. The proposed deal included an offer of $275 per share for UniFirst. However, following the cessation of talks, UniFirst's stock price fell by over 10%, dropping to around $178. Cintas CEO stated that although the company believed in the merits of the transaction, substantive engagement with UniFirst could not be achieved. The decision to abandon the acquisition comes amid a broader market context, with other companies like Carvana receiving upgrades from analysts, indicating a mixed outlook for the sector.
Pre-Market Moves ~ UniFirst Corp. $UNF - The stock tumbled more than 10% after Cintas terminated discussions to acquire the workwear provider in a deal that would have been worth $275 per share in cash. ~ KB Home $KBH - The homebuilder stock pulled back 8% after its
MORGAN STANLEY UPGRADES $CVNA TO OVERWEIGHT FROM EQUALWEIGHT, RAISES PT TO $280 FROM $260
UniFirst $UNF falls as Cintas $CTAS terminates discussions to acquire all outstanding common and class B shares of UNF for $275 per share. Cintas CEO said, "While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst https://t.co/xAAWdQ7UY3
