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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. 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. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Blueprint for an IPO

Companies go public to raise capital to fuel growth, pay down debt and provide liquidity to shareholders. Although all issuers and offerings are different, the basic process of going public remains relatively constant. Blueprint for an IPO identifies the key players, details the process and identifies the obligations companies will face after going public.

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Tony McFarland and Jay Knight Comment on Cybersecurity Risk Disclosures

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June 9, 2015

Bass, Berry & Sims attorneys Anthony (Tony) McFarland and Jay Knight lent their insights to an article in The Wall Street Journal on cybersecurity risk disclosures. As outlined in the article, while the U.S. Securities and Exchange Commission (SEC) has previously issued guidance on cybersecurity risk disclosure, many companies are uncertain on how to proceed when there is a question of what should be included on their 10-K statement. For example, what are the benefits of fuller disclosure and will disclosing more help the business if investigated for a data breach? Tony, chairman of the firm's Technology Committee, noted that companies should be prepared to make fuller disclosures, even on matters that are not necessarily mandated by state breach notification laws. "The SEC is becoming of the opinion that it is better to make disclosures if a company has had a number of incidents, even if they are not individually material, and even if that's not the perspective the company or its counsel would bring to the table in responding to a specific incident."

Jay, head of the firm's Capital Markets Subgroup and former SEC counsel, said that companies that have been subject to breaches are providing guidance for other companies, and that "best practices" for disclosure are based on industry. Tony added that this is a dynamic and fluid area, saying "This is an area where continual monitoring and diligence and being up to date is important, so you can make sure your own disclosures are accurate, up to date and within the range of other companies' disclosures in your industry."

The full article, "The Morning Risk Report: Cybersecurity Disclosures Are Risky Business," was published by The Wall Street Journal's "Morning Risk Report" on June 8, 2015 and is available online.

Content from The Wall Street Journal article was cited in the article, "SEC Suggests, But Doesn't Require, Full Disclosure of All Cybersecurity Risks," that was published by on June 9, 2015.  

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