Cintas Corp. is back at it with rival UniFirst, quietly reigniting takeover talks after years of pursuit that could shake up the U.S. uniform and workplace services market. The move once again puts the Cincinnati player at the center of a corporate showdown that has drawn in activist investors and a powerful founding family.
In mid-December, Cintas delivered an unsolicited, nonbinding proposal offering $275 a share in cash. UniFirst said its board has brought in independent financial and legal advisers and is “carefully reviewing and evaluating the proposal,” adding that it will not comment further while that review is underway, according to a company press release from UniFirst.
People familiar with the matter told Crain's Cleveland that the two companies have reopened preliminary conversations, while cautioning there is no guarantee the talks will result in a deal. The outlet reported that company spokespeople did not immediately respond to requests for comment.
Earlier this year, Cintas publicly pulled the plug on prior discussions after saying it had been unable to engage UniFirst in “substantive” talks and therefore would not pursue the offer at that time. The company announced that halt in March 2025, following an initial outreach earlier in the year, according to Cintas.
What’s at stake
At $275 per share, the proposal would value UniFirst at roughly $5.2 billion, a sizable payday for public shareholders and a complicated proposition for a family-run business. The Wall Street Journal reported that the latest approach includes a roughly $350 million reverse-termination fee designed to address regulatory questions and signal Cintas’s seriousness to UniFirst’s board.
Board fight and family control
UniFirst’s dual-class share structure, which concentrates voting power with the Croatti family, has been a central obstacle for potential acquirers and activist investors alike. The Boston Globe reports that the family’s voting clout helped block board nominees from activist Engine Capital at a recent annual meeting, underscoring how common-share majorities can push for change even when controlling shareholders ultimately hold the decisive votes.
Market reaction
News of the renewed talks sent UniFirst shares higher in early trading, while Cintas moved more modestly. Coverage noted that UniFirst stock climbed sharply on the update, while Cintas dipped slightly, according to Crain's Cleveland.
For now, both companies are back in a familiar script of public offers, board deliberations and an uncertain timetable. Whether this latest outreach finally turns into a deal rests with UniFirst’s board, its controlling family and Cintas’s ability to navigate regulatory and shareholder concerns into an agreement everyone can live with.
