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G&K Services (GK) Stock Spikes, to be Acquired by Cintas in $2.2 Billion Deal

NEW YORK (TheStreet) -- Shares of G&K Services (GK) were soaring 17.8% to $96.75 on heavy trading volume late Tuesday afternoon after the company agreed to be bought by competitor Cintas (CTAS).

The total enterprise value of the deal is about $2.2 billion, including acquired net debt.

G&K is a Minnetonka, MN-based provider of uniform and facility services programs.

Cincinnati-based Cintas will pay $97.50 per share for G&K in cash. The purchase price represents a premium of about 19% to G&K's closing price...