11:41 AM EDT, 03/25/2025 (MT Newswires) -- UniFirst ( UNF ) shares were down over 13% in recent Tuesday trading after Cintas ( CTAS ) ended discussions with UniFirst ( UNF ) about a potential takeover.

Cintas' ( CTAS ) Chief Executive Todd Schneider said late Monday they were unable to have "substantive engagement with UniFirst ( UNF ) regarding key transaction terms."

"We do not believe further discussions are warranted at this time," Schneider said.

In early January, Cintas ( CTAS ) offered to acquire UniFirst ( UNF ) for $275 per share, valuing the target company at around $5.3 billion.

After the termination news, UBS cut its price target on UniFirst ( UNF ) to $194 from $235 while keeping its neutral rating.

Cintas ( CTAS ) shares were about 0.5% lower.

Price: 170.00, Change: -27.57, Percent Change: -13.95