NEW YORK, March 6, 2026, 09:02 (EST)
Cintas is closing in on a deal to acquire workwear rival UniFirst, according to Bloomberg Law, which reported Thursday that negotiations are ongoing over a price tag north of $275 per share—or about $5.2 billion—the same offer Cintas put forward in December. UniFirst shares jumped 13.6% in premarket action Friday. Bloomberg Law News
This report brings fresh momentum to a deal that hit pause back on March 24, 2025. That’s when Cintas CEO Todd Schneider said negotiations with UniFirst had failed to move forward on crucial terms. UniFirst, for its part, had noted on Dec. 22 that its board was still weighing Cintas’ non-binding proposal with help from external advisers. Default
Both companies provide uniforms, safety supplies, and facility products to business clients throughout North America. Cintas, back in December, said merging would boost processing muscle and route density—meaning more stops per delivery run—and push the combined customer total well past 1 million businesses across the U.S. and Canada. Default
Back in December, Cintas put forward a $275-per-share cash offer for UniFirst common and Class B stock, valuing the company at roughly $5.2 billion. That’s a 64% premium over UniFirst’s average price across the past 90 days. Schneider said at the time the merger would deliver “considerable benefits for customers, employee-partners and shareholders.” Default
On Dec. 22, UniFirst disclosed that it had brought in Goldman Sachs and J.P. Morgan as financial advisors to the board, with Paul Hastings handling legal matters. The company noted it was “carefully reviewing and evaluating” the offer, telling shareholders there was no immediate action required. GlobeNewswire
UniFirst continues to stick with its own strategy. Back in January, first-quarter revenue came in at $621.3 million, up 2.7%. Net income didn’t keep pace, dropping to $34.4 million from $43.1 million, as increased spending on growth initiatives and digital upgrades trimmed margins. CEO Steven Sintros described the push as a way to “accelerate growth and enhance operational efficiency.” Full-year guidance remains unchanged. GlobeNewswire
Cintas has been pursuing an agreement since 2022. On Jan. 7, 2025, Reuters reported UniFirst turned down Cintas’s $275-per-share offer for a second time; after stepping back in March, Cintas came back with another proposal in December. Reuters
No deal yet. Even if one is reached, it still hinges on a binding contract and shareholder sign-off, and thanks to UniFirst’s dual-class setup, Class B shares carry ten votes apiece, while common stock holders get just one per share. Default
Antitrust concerns loom large here. Back in December, Cintas introduced a $350 million reverse termination fee—essentially a payout to UniFirst if regulators shut the deal down. Still, according to Bloomberg Law, discussions are private and the terms aren’t set in stone; there’s room for changes, or even for the whole thing to collapse. Default
