Cintas & UniFirst Complete Regulatory Submissions, Enter FTC Timing Agreement

Cintas Corporation Regulatory Update on UniFirst Merger

Overview of Event

On October 6, 2026, Cintas Corporation ($CTAS) filed a Form 8-K providing an update on regulatory proceedings regarding its pending acquisition of UniFirst Corporation:

1. FTC Second Request & Timing Agreement:

   • On October 2, 2026, Cintas and UniFirst certified substantial compliance with the U.S. Federal Trade Commission's (FTC) Second Request issued on June 11, 2026.
   • Concurrently, both companies entered into a timing agreement with the FTC agreeing not to consummate the transaction prior to December 11, 2026, unless the FTC provides prior written notice closing its investigation.

2. Canadian Competition Bureau (CCB) Update:

   • On September 29, 2026, both parties certified completion of their responses to the Supplementary Information Request (SIR) received from the CCB on July 2, 2026.

3. Closing Outlook:

   • Cintas continues to project that the merger will close prior to the end of calendar year 2026, subject to customary closing conditions and regulatory clearance.

Strategic & Market Implications

• Timeline Clarity: The timing agreement sets a firm target window: no closure before December 11, 2026, maintaining the target closing window before calendar year-end 2026.
• Regulatory Scrutiny: The compliance milestones show steady advancement through Phase II antitrust reviews across both U.S. and Canadian antitrust authorities.