BUZZ-UniFirst jumps after Cintas discloses proposal to buy co in $5.3 bln deal

Updates

Shares of UniFirst UNF.N rise as much as 44% to $243.70 - highest since March 17, 2021

Uniform rental firm Cintas CTAS.O proposes to takeover UNF, values the workplace uniforms and protective work gear provider at about $5.3 bln

CTAS submits offer to buy all of UNF's outstanding common and Class B shares for $275 per share in cash

The offer price represents a premium of 62.4% to UNF's last close as of Monday

While we would have preferred to have discussions with UniFirst in private, this is the second time in nearly three years that UniFirst has refused our constructive attempts to engage on an extremely compelling offer - Cintas CEO Todd Schneider

Shares of CTAS reverse premarket losses, last up ~4%

Wall Street Journal first reported the news on the proposed takeover deal on Tuesday

CTAS rose about 21% last year, UNF fell about 6%

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))