Here’s Third Avenue Small-Cap Value Fund’s Updates on Cintas Corporation’s (CTAS) Unifirst Takeover Offer

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Third Avenue Small-Cap Value Fund’s Q4 2025 letter discusses its performance, outperforming the MSCI USA Small-Cap Value Index. The fund highlighted Cintas Corporation (CTAS) and its persistent efforts to acquire Unifirst. The letter detailed Cintas’s $275 per share takeover offer for Unifirst, emphasizing Cintas’s ability to create significant synergistic value despite Unifirst’s resistance.

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