UniFirst Confirms Rejection of Unsolicited, Non-Binding and Highly Conditional Acquisition Proposal from Cintas Corporation

WILMINGTON, Mass. Jan.
7, 2025 ? In a decisive move underscoring its commitment to independent growth, UniFirst Corporation (NYSE: UNF) announced today that its Board of Directors unanimously rejected a recent unsolicited proposal from Cintas Corporation, which sought to acquire all outstanding common and Class B shares of UniFirst for $275.00 per share.
This proposal, received in November and December 2024, was characterized as non-binding and highly conditional, raising questions about its viability and strategic alignment with UniFirst?s long-term vision.

Cintas Corporation, known for its extensive offerings in the uniform and workplace supplies industry, had aimed to meld its operations with UniFirst, a leader in the personal services sector.
This unsolicited offer, however, did not resonate with UniFirst?s management team, who deemed it insufficiently compelling against the backdrop of the company's current initiatives and market strategy.

This announcement comes on the heels of significant developments within UniFirst, including a recent decision to boost dividends amidst ongoing stock market fluctuations.
On October 29, 2024, the company confirmed an increase in its dividend payout, which was interpreted as a signal of confidence in its financial health and an indication of robust operational management.
The $3852 million market capitalization of UniFirst further underscores its standing in the industry, signaling that the company is poised for sustainable growth regardless of external pressures.

Investors and market analysts are closely watching UniFirst's response to both the proposed acquisition and its recent financial maneuvers.
The dividend increase not only highlights the company?s commitment to returning value to shareholders but also serves as a testament to its strong performance profile, even amidst a turbulent market landscape.
By articulating its independence and rejecting the acquisition bid, UniFirst has positioned itself as a brand that prioritizes its strategic goals.

Moving forward, executive leadership at UniFirst will likely continue to focus on enhancing operational efficiencies and exploring growth opportunities within the personal services domain.
Their resolve in rejecting the acquisition bid from Cintas may pave the way for more deliberate and controlled growth strategies that reflect the company's long-term objectives.
This decision signals to investors that UniFirst is not merely a target for acquisition but a formidable player in the marketplace that remains committed to its strategic direction.


As the year unfolds, stakeholders will be eager to see how UniFirst navigates its path forward and leverages its strengths to capitalize on market opportunities.,

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