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Find out how Gardner Bell's experience promoting financial and economic development initiatives both locally and abroad informs his role as an attorney. 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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GovCon Blog: Revisions to Tennessee Bid Protest Procedures and Other Procurement Provisions Introduced by State Legislature

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January 22, 2015

A bill to revise certain provisions of Tennessee's procurement code has been introduced in both the House and the Senate of the Tennessee General Assembly. The bill comes from the central procurement office with the Governor's support and is expected to pass rather quickly. The legislation, if passed by both houses and signed by the Governor, will:

  • Re-write the protest procedure statute (Tennessee Code Annotated, Section 12-3-512) to provide more detail with regard to a party's standing to protest and to the calculation of the protest bond. The amount of a protest bond will be
    • 5% of the lowest bid or cost proposal,
    • 5% of the maximum or estimated maximum liability,
    • 5% of the estimated maximum revenue if the contract at issue will be revenue producing to the state, or
    • In the case of a no-cost contract, an amount to be determined by the chief procurement officer. Authorize the promulgation of rules by the procurement commission with regard to protest procedures.
  • Authorize the Tennessee Department of General Services and Tennessee public institutions of higher education to participate in cooperative purchasing agreements relating to maintenance and management of real property and construction, engineering and architectural services. Construction materials will be able to be procured cooperatively with other states or local governments.
  • Finally, rewrite the authority of the Chief Procurement Officer to authorize limitation of liability clauses in state contracts (Tennessee Code Annotated, Section 12-3-701).

The legislation is Senate Bill 95 (Norris) and House Bill 84 (McCormick).

Read more about government contracts on www.bassberrygovcon.com.


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