UniFirst Corporation (UNF) confirmed that in November and December 2024, its Board of Directors received and unanimously rejected an unsolicited, non-binding and highly conditional proposal from Cintas Corporation (CTAS) to acquire all outstanding common and Class B shares of UniFirst for $275.00 per share. Consistent with its fiduciary duties and in consultation with its independent advisors, the Board conducted a careful review of the unsolicited proposal and determined that it is not in the best interests of UniFirst, its shareholders and other stakeholders. In making its determination, the Board considered the offer price, execution and business risks, feedback from some of the company’s largest shareholders by voting power, and the company’s future growth and value creation opportunities. The UniFirst Board and management team remain confident in the strategy the company is executing and the opportunities ahead to create significant shareholder value. The Board and management team are committed to creating value for all shareholders and will continue to take actions to achieve that objective. J.P. Morgan Securities LLC is serving as UniFirst’s financial advisor and Paul Hastings LLP is serving as legal advisor.
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