NEW YORK, Dec. 12, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of CLARCOR Inc. ("CLC"
or the "Company") in connection with the December 1, 2016 proposed acquisition of the
Company by Parker Hannifin Corp. ("PH"). Under the terms of
the agreement, the Company's shareholders will receive $83.00 in cash for each CLC share they own.
WeissLaw is investigating whether CLC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the Company recently announced positive financial results,
reporting Adjusted Diluted EPS increased 11% year-over-year from
$0.66 in the third quarter of 2015,
to $0.73 in the same period of the
following year. Additionally, in a conference call following
the acquisition announcement, PH's Chairman and CEO praised the
benefits of the transaction, describing it as a "strategic
portfolio acquisition" of a brand that is "very strong and powerful
in the marketplace." He added that the companies are "very
complementary on products, markets and geographies," and, as a
result, expected $140 million in cost
synergies. Further, the acquisition of the Company
strengthens PH, facilitating growth and higher margins, and
creating a more resilient business. Finally, the purchase of
CLC meets PH's goal of expanding its high-margin filter segment by
more than doubling sales.
Given these facts, WeissLaw is investigating whether CLC's Board
acted in the best interests of CLC's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own CLC shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the
form on our website,
http://www.weisslawllp.com/clarcor-inc/
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SOURCE WeissLaw LLP