Shares in UniFirst (UNF) rose sharply Wednesday after the workwear supplier agreed to be acquired by its much larger rival, Cintas (CTAS), in a deal valued at $5.5 billion.
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Unifirst stock surged 32% following news that Cintas made a $275 per share acquisition offer for the uniform rental company earlier this month.
Cintas a maker of workplace products, made a $5.1 billion offer for smaller uniform supplier UniFirstthat has been rebuffed multiple times, according to letters seen by The Wall Street Journal.
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