UniFirst's Board Firmly Rejects Cintas Acquisition Offer
UniFirst Responds to Cintas Acquisition Proposal
In a recent statement, UniFirst Corporation (NYSE: UNF) has made it clear that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Cintas Corporation, which sought to acquire all outstanding common and Class B shares of UniFirst at a price of $275.00 per share. This decision was made after careful consideration and reflects the company's commitment to its stakeholders.
A Thorough Review Process
With the goal of acting in the best interests of UniFirst and its shareholders, the Board undertook an extensive review process. They consulted with independent advisors to assess the proposal's details thoroughly. After evaluating multiple factors, including the proposed offer price, the potential execution risks involved, and the feedback obtained from significant shareholders, the Board concluded that this acquisition bid did not align with UniFirst’s strategic interests or growth objectives.
Confidence in Future Growth
The management team, along with the Board, expressed strong confidence in their current strategic initiatives. They emphasized their dedication to fostering significant shareholder value through growth and value creation opportunities. The commitment to delivering long-term benefits for all shareholders remains steadfast, showcasing their determination to navigate the future effectively.
Resources and Support
In aiding their decision, UniFirst is supported by prominent financial advisor J.P. Morgan Securities LLC, while Paul Hastings LLP serves as the company’s legal advisor. These partnerships ensure that the Board is well-informed and supported in their decisions, enabling them to act in the best interest of the organization.
About UniFirst Corporation
Headquartered in Wilmington, UniFirst Corporation (NYSE: UNF) is recognized as a leading provider of uniform and workwear programs across North America. Their offerings extend to facility service products, first aid supplies, and safety services. Alongside their impressive lineup of subcontractors and partnerships with dominant brands, UniFirst manufactures proprietary workwear and protective clothing in five ISO-9001-certified manufacturing facilities. Boasting over 270 service locations and servicing more than 300,000 customers daily, UniFirst is dedicated to outfitting over two million workers with quality gear. For inquiries, reach out to UniFirst at 888.296.2740 or visit UniFirst.com.
Frequently Asked Questions
What was the acquisition proposal from Cintas Corporation?
Cintas Corporation proposed to acquire UniFirst for $275.00 per share, which the UniFirst Board rejected.
Why did UniFirst reject Cintas's proposal?
The UniFirst Board believed the offer was not in the best interests of the company and its stakeholders, taking into consideration several factors including price and potential risks.
Who are UniFirst's financial and legal advisors?
J.P. Morgan Securities LLC is serving as UniFirst’s financial advisor, while Paul Hastings LLP is the company's legal advisor.
How does UniFirst plan to create value for shareholders?
UniFirst is focused on executing its strategic plans and identifying growth opportunities to enhance shareholder value and satisfaction.
What products and services does UniFirst offer?
UniFirst provides a wide range of services, including uniform and workwear supply, facility service products, first aid supplies, and safety services, catering to diverse industries.
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