UPDATE: Barclays Upgrades Cintas (CTAS) to Overweight
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G&K Services Announces Agreement to Be Acquired by Cintas in $2.2 Billion All-Cash Transaction; Reports Record Fiscal 2016 Fourth Quarter Results
August 16, 2016 8:35 AM EDTG&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
Cintas Corporation to Acquire G&K Services
August 16, 2016 8:31 AM EDTCINCINNATI--(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
