Cintas proposes $5.1 billion takeover of uniform supplier UniFirst, WSJ reports

(Reuters) – Uniform rental firm Cintas Corp (NASDAQ:CTAS) has made a $5.1 billion takeover offer for uniform supplier UniFirst (NYSE:UNF), the Wall Street Journal reported on Tuesday.

Cintas has offered to pay $275 per outstanding common and Class B share, the report added, citing letters delivered to UniFirst’s board.

The offer price represents a 62.4% premium to UniFirst’s last close as of Monday.

Shares of UniFirst rose nearly 40% to $236 in premarket trading on Tuesday.

Cintas and UniFirst did not immediately respond to Reuters’ request for comment.