Cintas Corporation (NASDAQ:CTAS) has submitted a non-binding proposal to acquire UniFirst (NYSE: UNF) for $275 per share in cash, valuing the transaction at approximately $5.2 billion.
The offer, delivered to UniFirst’s board on December 12 and made public on December 22, represents a 64% premium over UniFirst’s 90-day average closing price as of December 11, 2025.
The all-cash proposal targets all outstanding common and Class B shares of UniFirst and does not require Cintas shareholder approval or any financing contingencies. Cintas has included a $350 million reverse termination fee to address potential antitrust concerns.
Cintas, headquartered in Mason, Ohio, provides workplace uniforms and related services, while UniFirst, based in Wilmington, Massachusetts, operates as a smaller competitor in uniform rentals.
Cintas has pursued UniFirst since 2022, beginning with a $255 per share offer and following up with a $275 bid in January 2025, which UniFirst rejected. The company has not yet engaged substantively with the latest proposal, according to Cintas.
“We remain unwavering in our conviction that combining Cintas and UniFirst would deliver considerable benefits for customers, employee-partners and shareholders,” Cintas CEO Todd Schneider said in a statement.
“Accordingly, we have reiterated our compelling $275 per share all-cash offer to the UniFirst board and are reaffirming our commitment to move swiftly to complete a transaction.”
Shares of Cintas traded up 2.9% at about $193 on the news, while UniFirst shares surged 18.4% at $201.