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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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Labor Talk Blog: Increasing Pressure Toward Employer Transparency

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August 29, 2016

Recent developments show that employers face both incentives and threats from the Obama Administration designed to ensure that employees know of their right to engage in "whistleblowing" (i.e., sharing possible unlawful activity with government agencies). Two recent examples are the federal Defend Trade Secrets Act (DTSA) and recent enforcement actions by the Securities and Exchange Commission (SEC).

The DTSA, enacted on May 11, 2016, provides employers with the right to recover greater damages if an employee has misappropriated trade secrets "willfully and maliciously." But, the ability to recover these greater benefits are available only if the employer has informed employees of their right to disclose trade secrets without any civil or criminal liability if done solely in whistleblowing – i.e., if shared with a government official or attorney "solely for the purpose of reporting or investigating a suspected violation of law" or in filing a lawsuit with the trade secrets under seal. Thus, while the DTSA provides employers with the possibility of obtaining greater benefits, it requires employers to disclose in writing the employees' immunity from prosecution if the trade secret disclosure occurs solely as part of a whistleblowing activity.

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To continue reading the content in this article on the firm's Labor Talk blog, please click here to view the post.

Bass, Berry & Sims' Labor Talk blog features news, commentary and insights on the complicated and constantly changing labor and employment laws affecting employers.



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