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You are here: Home / Uncategorized / Parker purchase of Baldwin Filters, CLARCOR expected to close tomorrow

Parker purchase of Baldwin Filters, CLARCOR expected to close tomorrow

February 27, 2017 By Paul Heney Leave a Comment

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energy-grid-tie-smart-technology-cooling-modularity-monitoring-parker-hannifin-34-638The Kearney Hub reports that, based on comments made by Parker Hannifin’s CEO, that the company’s purchase of CLARCOR will be finalized on February 28th. According to the Hub:

On Thursday, CLARCOR shareholders overwhelmingly voted to approve the merger, which will result in the Franklin, Tenn.-based CLARCOR becoming a wholly owned subsidiary of Parker, headquartered in Cleveland.

 CLARCOR Inc., based in Franklin, Tenn., includes the Kearney, Neb.-based Baldwin Filters company, which employs about one-sixth of CLARCOR’s 6,000 employees.

Parker will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash, a premium of approximately 17.8% to CLARCOR’s closing share price on November 30, and a premium of approximately 29.2% to CLARCOR’s volume weighted average share price over 90 days and a premium of approximately 17.1% to CLARCOR’s all-time and 52-week high. The transaction was unanimously approved by the Board of Directors of each company.

Parker Hannifin
www.parker.com

CLARCOR
www.clarcor.com

 

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