Elis shares plummet 16 percent on reported Vestis acquisition bid

49456BAW1   94.75  1.21  1.26%   
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Shares of Elis slumped by 16 percent on Friday following a Reuters report that the French workplace supplies company had made an acquisition offer for Vestis , the former uniform rental division of Aramark . Vestis, valued at 3.3 billion, has recently become a target for acquisition due to its recent struggles and the loss of key clients. As per analysts at J.P. Morgan, while the acquisition of Vestis could present Elis with a significant opportunity to establish a stronger presence in the U.S. market, it also comes with several challenges.

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