First Uniform (UNF, Financial) experienced a significant stock price increase of over 30%, surpassing the $200 mark to reach $219.62. This surge follows reports that Cintas (CTAS) plans to acquire the company for $5.1 billion.
According to the reports, Cintas has proposed to purchase First Uniform's common and Class B shares at $275 per share. The proposal was detailed in letters sent to First Uniform's board of directors over the past few weeks.
The reports also indicate that after multiple rejections from First Uniform's board to engage in acquisition discussions, Cintas is expected to make its offer public soon.
