Uniform retailer UniFirst surges after Cintas makes $5.2 billion takeover bid

Shares of uniform retailer UniFirst UNF.N jump about 15% at $195.50 in early trading

Cintas CTAS.O proposes to acquire UNF in a deal valued at $5.2 billion

Says UNF shareholders to get $275 per share in an all-cash deal, representing 53% premium over the stock's closing price on December 12 when the offer was made

Offer is CTAS's latest attempt to clinch a deal after two failed attempts in the past, as it seeks to expand scale and improve service efficiency

"Cintas has undertaken substantial work on the regulatory front and remains confident that there is a clear path to obtaining the regulatory approvals," company says

As of last close, UNF stock down marginally, while CTAS up ~3% YTD