Cintas terminates discussions on $5.3 billion bid to acquire UniFirst
March 24 (Reuters) - Cintas CTAS.O said on Monday it had terminated discussions to acquire all of UniFirst UNF.N in a deal that valued the uniform supplier at $5.3 billion, sending UniFirst shares down about 7% in extended trading.
"While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst regarding key transaction terms," Cintas CEO Todd Schneider said.
UniFirst had in early January rebuffed a takeover proposal from Cintas for $275 per share in cash and said it was confident of its strategy as a standalone company.
This came after Cintas disclosed that UniFirst had rejected its bid twice earlier and snubbed multiple attempts to engage with the board after that, including increasing the offer price and exploring alternatives.
Shares of Cintas, which is scheduled to report third-quarter results on Wednesday, were flat in after-hours trading.
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