Boardroom Battle Erupts at UniFirst as Activist Investor Demands Overhaul

A contentious struggle for corporate control is unfolding at UniFirst Corporation, with activist investment firm Engine Capital launching a proxy fight to reconfigure the company’s leadership. The significant minority shareholder is urging fellow investors to support its director nominees at the upcoming December 15 annual meeting. Engine Capital’s campaign calls for a comprehensive board refreshment and strategic review that includes exploring a potential sale of the entire company. The investor has repeatedly expressed concerns about the current strategic direction in private communications with management.

Financial analysts maintain a predominantly cautious stance toward UniFirst’s equity. Six separate research firms unanimously recommend either reducing positions or maintaining existing holdings, Read more...