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  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 25,
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  "notes": "The slide uses a timeline to highlight the rapid increase in acquisition price, framing it as a desperate overpayment.",
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      "kind": "callout",
      "text": "Cintas appears to have desperately needed to purchase G&K, raising its initial bid of $76.00 all the way to $97.50 per share.",
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      "text": "Jan 12, 2016: Mr. Farmer (Cintas CEO) met with Mr. Milroy (CEO of G&K) as scheduled. At the meeting, Mr. Farmer proposed in writing that Cintas acquire all of the outstanding common shares of G&K for $76.00 per share in cash. Mr. Milroy said he would discuss Cintas' proposal with the Company Board.",
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      "text": "June 29, 2016: Mr. Farmer contacted Mr. Milroy and presented a proposal whereby Cintas would acquire all of the outstanding common shares of G&K for $94.00 per share in cash.",
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      "text": "Aug 3, 2016: Mr. Farmer delivered to Mr. Milroy a written confirmation of Cintas' proposal to acquire all of the outstanding common shares of G&K for $97.50 per share in cash, in which Cintas expressed its commitment to take certain actions with respect to regulatory approvals if necessary to provide for certainty and timeliness of closing the transaction and to pay a termination fee in certain circumstances if regulatory approval is not obtained.",
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      "text": "May 12, 2016: Mr. Milroy met with Messrs. Farmer and Hansen. At the meeting, Mr. Farmer presented a proposal to acquire all of the outstanding common shares of G&K for $86.00 per share in cash and confirmed the offer in writing.",
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      "text": "acquisition premium: 68.7%",
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      "text": "Cintas appears to have desperately needed to purchase G&K, raising its initial bid of $76.00 all the way to $97.50 per share. The final cost of $2.1 billion cost Cintas shareholders an additional $425 million over the initial price. The $97.50 per share purchase price represented a 68.7% premium to GK's 52 week low share price.",
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      "text": "Source: Deal proxy",
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      "text": "Cintas Wildly Overpays For G&K",
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