Cintas is proposing a $5.1 billion takeover of uniform supplier UniFirst, WSJ By Reuters reports

(Reuters) – A uniform rental company Cintas Corp (NASDAQ: ) has made a $5.1 billion takeover bid for uniform supplier UniFirst (NYSE: ), the Wall Street Journal reported Tuesday.

Cintas offered to pay $275 per outstanding common and Class B share, the report added, citing letters provided to UniFirst management.

The offered price represents a 62.4% premium to UniFirst’s last close on Monday.

UniFirst shares rose nearly 40% to $236 in premarket trading on Tuesday.

Cintas and UniFirst did not immediately respond to a Reuters request for comment.