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 è basata sul prezzo offerto, sui rischi di esecuzione e commerciali, sul feedback dei principali azionisti e sulle prospettive di crescita futura della società. 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 unánime de su Junta Directiva a una propuesta de adquisición no solicitada de Cintas recibida en noviembre y diciembre de 2024. La propuesta ofrecía adquirir todas las acciones ordinarias y de Clase B a 275,00 $ por acción.
Tras una cuidadosa revisión con asesores independientes, la Junta determinó que la propuesta no era lo mejor para UniFirst, sus accionistas y partes interesadas. La decisión se basó en el precio de la oferta, en los riesgos de ejecución 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 gestión expresaron confianza en su estrategia actual y en su compromiso de crear valor para los accionistas.
J.P. Morgan Securities y Paul Hastings LLP están actuando como asesores financieros y legales, respectivamente.
UniFirst (NYSE: UNF)는 2024년 11월과 12월에 수신한 Cintas의 비공식 인수 제안에 대해 이사회의 만장일치된 거부를 확인했습니다. 제안서는 모든 보통주 및 B 클래스 주식을 $275.00 per share의 가격으로 인수하는 내용을 담고 있었습니다.
독립 자문과의 신중한 검토 후 이사회는 이 제안이 UniFirst, 주주 및 이해관계자에게 최선의 이익이 아니라는 결론을 내렸습니다. 이 결정은 제안 가격, 실행 및 비즈니스 위험, 주요 주주들의 피드백, 그리고 회사의 미래 성장 전망을 기반으로 하였습니다. 이사회와 경영진은 현재의 전략에 대한 신뢰와 주주 가치를 창출하기 위한 의지를 표현했습니다.
J.P. Morgan Securities 및 Paul Hastings LLP가 각각 재무 및 법률 자문으로 활동하고 있습니다.
UniFirst (NYSE: UNF) a confirmé le rejet unanime par son Conseil d'Administration d'une proposition d'acquisition non sollicitée de Cintas reçue en novembre et décembre 2024. La proposition offrait d'acheter toutes les actions ordinaires et de classe B à 275,00 $ par action.
Après un examen approfondi avec des conseillers indépendants, le Conseil a déterminé que la proposition n'était pas dans le meilleur intérêt d'UniFirst, de ses actionnaires et des parties prenantes. La décision était fondée sur le prix de l'offre, les risques d'exécution et d'affaires, les retours des principaux actionnaires et les perspectives de croissance future de l'entreprise. Le Conseil et l'équipe de direction ont exprimé leur confiance dans leur stratégie actuelle et leur engagement à créer 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 Übernahmeangebots von Cintas, das im November und Dezember 2024 einging, durch seinen Vorstand bestätigt. Das Angebot sah den Erwerb aller ausgegebenen Stamm- und Klasse-B-Aktien zu einem Preis von 275,00 $ pro Aktie vor.
Nach sorgfältiger Prüfung durch unabhängige Berater kam der Vorstand zu dem Schluss, dass das Angebot nicht im besten Interesse von UniFirst, seinen Aktionären und Stakeholdern war. Die Entscheidung basierte auf dem Angebotspreis, den Ausführungs- und Geschäftsrisiken, dem Feedback von Hauptaktionären und den zukünftigen Wachstumsaussichten des Unternehmens. Der Vorstand und das Managementteam äußerten 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) (“UniFirst” or the “Company”) 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’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.
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’s 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 “strategy,” “opportunities,” “create,” “continue,” “objective,” “achieve,” “future,” “growth,” “committed,” 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’s 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’s ability to execute on its strategies, and the other factors described under Part I, Item 1A. “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K for the year ended 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’Connor, Executive Vice President & CFO
UniFirst Corporation
978-658-8888
shane_oconnor@UniFirst.com
Media Contact
Matthew Sherman / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
FAQ
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