04:56 PM EDT, 03/24/2025 (MT Newswires) -- Cintas ( CTAS ) late Monday said it has terminated discussions with UniFirst ( UNF ) about a potential acquisition of the rival industrial uniforms company.

The companies were unable to strike a deal on key terms needed to complete a transaction, Cintas ( CTAS ) Chief Executive Todd Schneider said in a statement. "We do not believe further discussions are warranted at this time," he added.

In early January, Cintas ( CTAS ) went public with its takeover bid, offering to acquire UniFirst ( UNF ) for $275 per share, valuing the target company at around $5.3 billion. It previously approached UniFirst ( UNF ) in February 2022 with an offer of $255 per share and increased its bid to $275 per share in November 2024 but was rebuffed both times.

Shares of Cintas ( CTAS ) were flat in Monday's after-hours session, while UniFirst ( UNF ) fell past 10%.