US Stock Market Move | CITIC Capital plans to acquire UniFirst Corporation (UNF.US) for $5.1 billion, causing the stock to surge over 30%.

On Tuesday, UniFirst Corporation (UNF.US) soared over 30%, with its stock price breaking the $200 mark to reach $219.62. According to reports, uniform supplier Cintas (CTAS.US) is planning to acquire its rival UniFirst Corporation for $5.1 billion. The report states that Cintas has proposed to acquire UniFirst Corporation's common stock and Class B shares at a price of $275 per share, citing letters recently sent to UniFirst Corporation's board of directors. The report notes that after multiple rejections from UniFirst Corporation's board of directors to engage in negotiations with Cintas, Cintas is expected to publicly disclose the acquisition offer soon.