Parker Hannifin acquired Clarcor for $4.3bln

Parker Hannifin Corporation and CLARCOR Inc., today announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt.
Under the terms of the agreement, Parker will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash, a premium of approximately 17.1 percent to CLARCOR’s all-time and 52-week high.
CLARCOR, headquartered in Franklin, Tennessee, is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products with annual sales of approximately $1.4 billion and 6,000 employees worldwide.
The transaction is expected to be completed by or during the first quarter of Parker’s fiscal year 2018 and is subject to customary closing conditions, including approval by CLARCOR’s shareholders and receipt of applicable regulatory approvals.