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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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Antitrust Agencies Challenge Another Healthcare Provider Acquisition - Update

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April 3, 2013

Last summer we issued an alert regarding the FTC and Nevada AG's challenge to Reno, Nev.-based Renown Health's acquisition of two cardiology practices.[1] The challenge ensued because the acquisition at issue resulted in Renown allegedly having 88 percent of the cardiologists in the Reno area. At the time, we reported that Renown entered into a consent decree that required Renown to suspend non-compete agreements until a certain number of cardiologists in the acquired practices left Renown's employment. In addition, Renown was required to notify the agencies of any future cardiology-related acquisitions, and to reimburse the investigation costs of the State of Nevada (something state AG's frequently demand).

After an internal investigation by outside antitrust counsel, Renown Health announced yesterday the immediate departure of four executives, including Renown's CEO, its general counsel, VP of system development, and business development administrator. As stated by Renown's board of directors in the announcement:

"There is no question that things did not go as planned," said Renown Health board chairman David C. Line, "and for that we are sincerely sorry. As an organization, we have been committed to taking whatever steps are necessary to make sure that our policies, procedures and communications are as world-class as the health care we provide. If the execution of the SNCA transaction had been as solid as our intentions, none of this would have occurred."

This is another example not only of the increase in antitrust enforcement in the healthcare industry by the federal and state antitrust authorities, but the collateral consequences that can follow an enforcement action. This also demonstrates the need for an effective compliance program.

If you have any questions about the content of this alert or antitrust issues, please contact one of the Bass Berry & Sims' attorneys listed here.

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[1] A copy of the prior alert can be found here.


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