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What colorful method does Claire Miley use to keep up with the latest healthcare regulations as they relate to proposed transactions? Find out more>

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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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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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DOL Suspends March 23, 2012 Due Date for Distribution of Summary of Benefits and Coverage

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November 18, 2011

On November 17, the Department of Labor ("DOL"), with the assistance of the Departments of Treasury and Health and Human Services, provided welcomed (albeit ambiguous) relief regarding the new Summary of Benefits and Coverage ("SBC") required to be distributed by group health plans and health insurance issuers ("insurers") subject to the requirements of the Affordable Care Act. (We described the availability of the proposed SBC template on page two of our Health Reform Impact alert issued on October 5, available here.)

Until this DOL announcement, the deadline for initially distributing the SBC was to be March 23, 2012. However, the DOL's newest set (Part VII) of Frequently Asked Questions About Affordable Care Act Implementation (available here), describes that compliance with the SBC requirements will be not be required until an applicability date to be announced in forthcoming final regulations on the subject. Although the DOL did not provide—or even hint at—a particular date, the DOL anticipates that this applicability date (i.e., including the initial SBC distribution deadline) will give plans and insurers "sufficient time to comply" with the SBC requirements.

This DOL announcement similarly suspends the requirement that group health plans and insurers provide 60 days' prior notice of any "material modifications" in the terms of the plan or coverage described in the most recently issued SBC.

We await further guidance from the DOL on the SBC applicability date, and will keep you informed of any developments.

If you have any questions about this issue of Health Reform IMPACT, please contact any of the attorneys in our Employee Benefits Practice Group.


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