Jim Cramer Discusses UniFirst (UNF) Being Targeted by Another Offer From Cintas

UniFirst Corporation (NYSE:UNF) is simply a azygous institution facing different bid to beryllium acquired by Cintas. On December 22nd, Cintas announced that it had made a $5.2 cardinal connection to get the firm. It is the 3rd specified connection of its kind, and it sees a per-share acquisition terms of $275. The per-share terms is unchanged from January, erstwhile Cintas had made a $5.3 cardinal bid for UniFirst Corporation (NYSE:UNF). The erstwhile 2 offers had seen a bid successful 2022 and different successful January, which UniFirst Corporation (NYSE:UNF)  had rejected. The shares responded good to the woody arsenic they jumped by 30% aft the announcement. However, erstwhile compared to the January offer, the latest bid came successful a changed environment. On November 25th, Engine Capital, which holds a 3.2% involvement successful UniFirst Corporation (NYSE:UNF) urged the firm’s committee to research a sale. Engine Capital added that the spread betwixt the azygous institution and its adjacent and rival Cintas had lone grown since UniFirst Corporation (NYSE:UNF)’s erstwhile CEO, Ron Croatti, passed 8 years ago. Cramer commented connected the woody successful the discourse of broader markets’ activity:

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“Look we person Cintas today, going back, taking different bite, astatine UniFirst. These are azygous companies getting together. This is what I expect. Is it going to beryllium chaotic west? No I deliberation it’s going to beryllium truly exciting.”

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.