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.