CTAS - Quick Take - No Surprise, CTAS Refiles To Extend UniFirst HSR Clock

Research evidence excerpt

CTAS - Quick Take - No Surprise, CTAS Refiles To Extend UniFirst HSR Clock

Truist Securities

Equity Research Report May 11, 2026

IT SERVICES: Industrial Services Cintas Corporation (CTAS)

CTAS - Quick Take - No Surprise, CTAS Refiles To Extend UniFirst Jasper Bibb

212-303-1742 HSR Clock

Jasper.Bibb@truist.com

Cintas voluntarily withdrew its UniFirst (UNF, NR) deal HSR notification on Friday (the

original deadline) and will refile tomorrow, extending the HSR waiting period another

Current Price (May 8, $166.97 30 days to 6/11/26 at midnight. UNF proxy filing for a shareholder vote on the merger 2026)

(which will effectively be a formality given Croatti family voting control and support for the

Stock Rating BUY deal) was filed earlier this morning confirming the refiling.

Unchanged

We aren't surprised the company opted to refile and extend the HSR clock.

Price Target $255.00 MergerMarket had previously reported that the FTC was interviewing market participants

Unchanged related to the transaction as early as late March. Typically, that is a sign that regulators are at

least strongly considering issuing a second request. CTAS also notably received a second

request for the 2017 G&K acquisition, which ultimately closed with no required divestitures.

Incremental details from UNF's merger proxy filing: (1) a PE 'white knight' for UNF 4 Page Document

emerged in January 2026 amid talks with CTAS, offering to invest ~$2B in the company to

acquire an unnamed competitor instead of being sold; (2) UNF founding family had initially

Reasons for this report held out for $350/share; and (3) the companies structuring a special retention program for

key UNF employees in the event of a 10+ month deal review.

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