UPDATE: Barclays Upgrades Cintas (CTAS) to Overweight
FREE Breaking News Alerts from StreetInsider.com!
StreetInsider.com Top Tickers, 10/23/2026
Go back to UPDATE: Barclays Upgrades Cintas (CTAS) to Overweight
August 16, 2016 8:35 AM EDT
G&K Services Agrees to be Acquired for $97.50 Per Share
Purchase Price Represents Nearly 20 Percent Premium to the Stocks
All-Time Closing High and 14.0x LTM EBITDA Multiple1
Full-Year Earnings Reach Record $3.61 Per Diluted Share
Full-Year Cash Flow from Operations Grows 42 Percent to Record $134
Million
MINNEAPOLIS--(BUSINESS WIRE)--
G&K Services, Inc. (NASDAQ: GK) today announced that its Board
of Directors has unanimously approved a definitive agreement pursuant to
which Cintas Corporation (NASDAQ:... More
August 16, 2016 8:31 AM EDT
CINCINNATI--(BUSINESS WIRE)--
Cintas Corporation (Nasdaq: CTAS) and G&K Services, Inc.
(Nasdaq: GK) today announced that they have entered into a definitive
agreement under which Cintas will acquire all outstanding shares of G&K
Services for $97.50 per share in cash, for a total enterprise value of
approximately $2.2 billion, including acquired net debt. The purchase
price represents a premium of about 19 percent to the closing price per
share of G&K Services common stock on August 15, 2016. G&K Services,
with annual revenue of approximately $1 billion, is a... More
