Uniform supplier Cintas (CTAS.US) plans to acquire rival UniFirst Corporation (UNF.US) for $5.1 billion.

According to reports, uniform supplier Cintas (CTAS.US) is planning to acquire rival UniFirst Corporation (UNF.US) for $5.1 billion. Boosted by this news, UniFirst Corporation surged over 34% in pre-market trading on Tuesday. The report stated that Cintas has proposed to acquire common stock and Class B shares of UniFirst Corporation at a price of $275 per share, citing letters recently sent to the UniFirst Corporation board in the past few weeks. The report noted that after multiple rejections by the UniFirst Corporation board to engage in negotiations with Cintas, Cintas is expected to publicly disclose the acquisition offer soon.