Why Unifirst Stock Crushed the Market Today

Trading in the stock of industrial uniform and workwear company (NYSE: UNF) was uncharacteristically lively on Monday. That's because the company has received a formal buyout offer from a well-known peer. After digesting the news, investors rushed into UniFirst stock, sending it up by more than 16% on the day.

That morning, announced it had offered to acquire all common and Class B UniFirst shares for a price of $275 per share. This bid was submitted to UniFirst's board of directors on Dec. 12, Cintas added. The would-be acquirer emphasized that its price represented a 64% premium to UniFirst stock's 90-day average as of the previous day.

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Source Fool.com