UniFirst Confirms Rejection of Unsolicited, Non-Binding and Highly Conditional Acquisition Proposal from Cintas Corporation
UniFirst (NYSE: UNF) has confirmed its Board of Directors' unanimous rejection of an unsolicited acquisition proposal from Cintas received in November and December 2024. The proposal offered to acquire all outstanding common and Class B shares at $275.00 per share.
After careful review with independent advisors, the Board determined the proposal was not in the best interests of UniFirst, its shareholders, and stakeholders. The decision was based on the offer price, execution and business risks, feedback from major shareholders, and the company's future growth prospects. The Board and management team expressed confidence in their current strategy and commitment to creating shareholder value.
J.P. Morgan Securities and Paul Hastings LLP are serving as financial and legal advisors, respectively.
UniFirst (NYSE: UNF) ha confermato il rifiuto unanime del suo Consiglio di Amministrazione riguardo a una proposta di acquisizione non richiesta da Cintas, ricevuta nei mesi di novembre e dicembre 2024. La proposta prevedeva l'acquisto di tutte le azioni ordinarie e di classe B a 275,00 $ per azione.
Dopo un'attenta revisione con consiglieri indipendenti, il Consiglio ha stabilito che la proposta non era nel migliore interesse di UniFirst, dei suoi azionisti e degli stakeholder. La decisione si 猫 basata sul prezzo offerto, sui rischi di esecuzione e commerciali, sul feedback dei principali azionisti e sulle prospettive di crescita futura della societ脿. Il Consiglio e il team di gestione hanno espresso fiducia nella loro attuale strategia e nel loro impegno a creare valore per gli azionisti.
J.P. Morgan Securities e Paul Hastings LLP stanno fungendo da consulenti finanziari e legali, rispettivamente.
UniFirst (NYSE: UNF) ha confirmado el rechazo un谩nime de su Junta Directiva a una propuesta de adquisici贸n no solicitada de Cintas recibida en noviembre y diciembre de 2024. La propuesta ofrec铆a adquirir todas las acciones ordinarias y de Clase B a 275,00 $ por acci贸n.
Tras una cuidadosa revisi贸n con asesores independientes, la Junta determin贸 que la propuesta no era lo mejor para UniFirst, sus accionistas y partes interesadas. La decisi贸n se bas贸 en el precio de la oferta, en los riesgos de ejecuci贸n y comerciales, en los comentarios de los accionistas mayoritarios y en las perspectivas de crecimiento futuro de la empresa. La Junta y el equipo de gesti贸n expresaron confianza en su estrategia actual y en su compromiso de crear valor para los accionistas.
J.P. Morgan Securities y Paul Hastings LLP est谩n actuando como asesores financieros y legales, respectivamente.
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J.P. Morgan Securities 氚� Paul Hastings LLP臧� 臧侁皝 鞛 氚� 氩曤 鞛愲鞙茧 頇滊彊頃橁碃 鞛堨姷雼堧嫟.
UniFirst (NYSE: UNF) a confirm茅 le rejet unanime par son Conseil d'Administration d'une proposition d'acquisition non sollicit茅e de Cintas re莽ue en novembre et d茅cembre 2024. La proposition offrait d'acheter toutes les actions ordinaires et de classe B 脿 275,00 $ par action.
Apr猫s un examen approfondi avec des conseillers ind茅pendants, le Conseil a d茅termin茅 que la proposition n'茅tait pas dans le meilleur int茅r锚t d'UniFirst, de ses actionnaires et des parties prenantes. La d茅cision 茅tait fond茅e sur le prix de l'offre, les risques d'ex茅cution et d'affaires, les retours des principaux actionnaires et les perspectives de croissance future de l'entreprise. Le Conseil et l'茅quipe de direction ont exprim茅 leur confiance dans leur strat茅gie actuelle et leur engagement 脿 cr茅er de la valeur pour les actionnaires.
J.P. Morgan Securities et Paul Hastings LLP agissent respectivement en tant que conseillers financiers et juridiques.
UniFirst (NYSE: UNF) hat die einhellige Ablehnung des unaufgeforderten 脺bernahmeangebots von Cintas, das im November und Dezember 2024 einging, durch seinen Vorstand best盲tigt. Das Angebot sah den Erwerb aller ausgegebenen Stamm- und Klasse-B-Aktien zu einem Preis von 275,00 $ pro Aktie vor.
Nach sorgf盲ltiger Pr眉fung durch unabh盲ngige Berater kam der Vorstand zu dem Schluss, dass das Angebot nicht im besten Interesse von UniFirst, seinen Aktion盲ren und Stakeholdern war. Die Entscheidung basierte auf dem Angebotspreis, den Ausf眉hrungs- und Gesch盲ftsrisiken, dem 黑料网back von Hauptaktion盲ren und den zuk眉nftigen Wachstumsaussichten des Unternehmens. Der Vorstand und das Managementteam 盲u脽erten Vertrauen in ihre derzeitige Strategie und ihr Engagement, den Unternehmenswert zu steigern.
J.P. Morgan Securities und Paul Hastings LLP fungieren jeweils als Finanz- und Rechtsberater.
- Company maintains independence and control over its strategic direction
- Management's confidence in current growth strategy and value creation opportunities
- Support from major shareholders in rejecting the offer
- Rejection of $275.00 per share acquisition offer which could have provided immediate shareholder value
Insights
WILMINGTON, Mass., Jan. 07, 2025 (GLOBE NEWSWIRE) -- UniFirst Corporation (NYSE: UNF) (鈥淯niFirst鈥� or the 鈥淐ompany鈥�) today 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 to acquire all outstanding common and Class B shares of UniFirst for
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鈥檚 largest shareholders by voting power, and the Company鈥檚 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鈥檚 financial advisor and Paul Hastings LLP is serving as legal advisor.
About UniFirst Corporation
Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, facility service products, as well as first aid and safety supplies and services. Together with its subsidiaries, the Company also manages specialized garment programs for the cleanroom and nuclear industries. In addition to partnering with leading brands, UniFirst manufactures its own branded workwear, protective clothing, and floorcare products at its five company-owned ISO-9001-certified manufacturing facilities. With more than 270 service locations, over 300,000 customer locations, and 16,000-plus employee Team Partners, the Company outfits more than 2 million workers every day. For more information, contact UniFirst at 888.296.2740 or visit UniFirst.com.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements within the meaning of the federal securities laws that reflect the Company's current views with respect to future events. Such statements including, without limitation, statements regarding the Company鈥檚 strategies, opportunities, commitments and prospects. Forward-looking statements contained in this press release are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and may be identified by words such as 鈥渟trategy,鈥� 鈥渙pportunities,鈥� 鈥渃reate,鈥� 鈥渃ontinue,鈥� 鈥渙bjective,鈥� 鈥渁chieve,鈥� 鈥渇uture,鈥� 鈥済rowth,鈥� 鈥渃ommitted,鈥� or the negative versions thereof, and similar expressions and by the context in which they are used. Such forward-looking statements are based on the Company鈥檚 current expectations and speak only as of the date made. Such statements are highly dependent upon a variety of risks, uncertainties and other important factors that could cause actual results to differ materially from those reflected in such forward-looking statements. Such factors include, but are not limited to, the Company鈥檚 ability to execute on its strategies, and the other factors described under Part I, Item 1A. 鈥淩isk Factors鈥� and elsewhere in the Company鈥檚 Annual Report on Form 10-K for the year ended聽August 30, 2024. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.
Investor Relations Contact
Shane O鈥機onnor, Executive Vice President & CFO
UniFirst Corporation
978-658-8888
Media Contact
Matthew Sherman / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
FAQ
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