With the vote all but secured, the focus shifts to regulatory approvals and deal closing timeline. The HSR waiting period is set to expire June 11, 2026, and the deal is expected to close in H2 2026. Monitor any antitrust conditions and the integration plan post-close. The fixed exchange ratio means the value of the stock consideration will fluctuate with CTAS stock price.
Price Chart
Executive Summary
UniFirst (UNF) shareholders are being asked to vote on a definitive merger agreement with Cintas (CTAS) on June 11, 2026. Under the terms, each UNF share will be converted into $155.00 cash plus 0.7720 CTAS shares, implying a value of approximately $292 per UNF share based on recent CTAS prices. The UniFirst board unanimously recommends approval, and the controlling Croatti family, holding ~67% voting power, has agreed to vote in favor, making approval virtually certain. The transaction is expected to close in the second half of 2026, subject to regulatory clearance and other customary conditions.
Key Financial Metrics
Key Facts
- Each UNF share receives $155.00 cash + 0.7720 CTAS shares (fixed exchange ratio).
- Special meeting for shareholder vote is June 11, 2026, at 10:00 a.m. ET (virtual).
- Two-thirds shareholder approval required; Croatti family (~67% voting power) has agreed to vote in favor.
- Board unanimously recommends voting FOR the merger and related proposals.
- Cintas will issue ~14.26 million shares to UNF holders, who will hold ~3.4% of combined company.
- Termination fees: UNF pays $213.3M under certain conditions; CTAS pays $350M under certain conditions.
- No appraisal rights for UNF shareholders under Massachusetts law.
- Pending HSR Act clearance; Cintas voluntarily withdrew and will refile on May 12, 2026, resetting the waiting period.
Financial Impact
Consideration of $155 per share in cash plus 0.7720 CTAS shares per UNF share; based on CTAS closing price of $177.62 on April 23, 2026, the implied value is $292.12 per share.
Risk Factors
- Regulatory conditions could delay or impose restrictions on the merger.
- Failure to close could result in termination fees and negative market reaction.
- Integration risks post-close may affect combined company performance.
- Potential litigation related to disclosure could delay the vote.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFM14A Filing (Primary) | 0001140361-26-020380 |
| Document: ny20072400x1_defm14a.htm | 0001140361-26-020380 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 5w ago | 8-K | $281.88 $259.44 | ▼ −7.96% | ▼ −8.22% | $249.75 (−11.40%) |
Jul 1, 2026 13w ago | 8-K | $266.54 $301.19 | ▲ +13.00% | ▲ +15.19% | $249.75 (−6.30%) |
Jul 1, 2026 13w ago | Press Release | $266.54 $301.19 | ▲ +13.00% | ▲ +15.19% | $249.75 (−6.30%) |
Jun 12, 2026 16w ago | 8-K | $264.83 $271.78 | ▲ +2.62% | ▲ +0.84% | $249.75 (−5.69%) |
Jun 12, 2026 16w ago | Press Release | $264.83 $271.78 | ▲ +2.62% | ▲ +0.84% | $249.75 (−5.69%) |
Jun 11, 2026 16w ago | Institutional Cluster | $275.65 $270.87 | ▼ −1.73% | ▼ −3.62% | $249.75 (−9.40%) |
May 11, 2026 20w ago | DEFM14A | $252.35 $270.48 | ▲ +7.18% | ▲ +7.49% | $249.75 (−1.03%) |
Apr 7, 2026 25w ago | 10-Q/A | $254.73 $249.74 | ▲ +1.96% | ▲ +11.74% | $249.75 (+1.96%) |
Apr 1, 2026 26w ago | 8-K | $254.59 $255.79 | ▼ −0.47% | ▲ +9.25% | $249.75 (+1.90%) |
Apr 1, 2026 26w ago | Press Release | $254.59 $255.79 | ▲ +0.47% | ▼ −9.25% | $249.75 (−1.90%) |
US Market Status
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