The 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.
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.