Unifirst Corporation ( UNF ) shares are trading lower premarket on Tuesday.

On Monday, Cintas Corporation ( CTAS ) disclosed ending discussions regarding its proposal to acquire UniFirst ( UNF ) for $275 per share in cash.

The offer represented a 46% premium over UniFirst’s 90-day average closing price as of January 6, 2025, the last trading day before the proposal was publicly disclosed.

Todd Schneider, President and Chief Executive Officer of Cintas ( CTAS ), said, “We have engaged with UniFirst ( UNF ) and its advisors over the past several weeks in an effort to reach a mutual agreement regarding a transaction that we believe offers tremendous value for customers and shareholders.”

”While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst ( UNF ) regarding key transaction terms. We do not believe further discussions are warranted at this time.”

Notably, in January, Cintas ( CTAS ) submitted the acquisition proposal and UniFirst ( UNF ) rejected the proposition, claiming it was not in the best interests of the company and its shareholders.

UniFirst’s cash, cash equivalents, and short-term investments totaled $181.0 million as of November 30, with no long-term debt outstanding.

Price Action: UNF shares are down 10.2% at $177.50 premarket at the last check Tuesday.

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