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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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Privacy Perils: Déjà Vu All Over Again

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September 9, 2016

In prior Privacy Perils (dated March 25, 2016, and November 13, 2015) and a client alert (dated February 4, 2015) we warned about the phishing scheme in which an email sender impersonates an actual person, usually a member of company or firm management. The bad actor requests funds be transferred to an account, typically represented to be that of a client or customer which would not seem facially inappropriate. Of course, the account is not that of the client or customer, but one controlled by the phisherman (or phisherwoman). This simplistic scheme has been so widely reported that by now you would think businesses, especially large and sophisticated ones, would be sufficiently educated about and mindful of the risk. Think again. Last week, because the email appeared to come from a top company executive in the German home office, a factory CFO for one of Europe's largest manufacturer of electrical cables and wires fell victim to this scheme and transferred overnight €40 million (~$44.7 million) to a fraudster's account. The shares of the company reportedly fell 5-7 % because of the loss.

Remember, before complying with any email request to transfer money (the company's or your own), always carefully check the email address of the sender before responding (i.e., "@bassberry.com," not "@basberry.com"), and, most importantly, pick up the phone and call the purported sender to confirm the transfer request. A short delay in sending money always beats giving it away.

Privacy Perils imageCheck out our series, Privacy Perils, to learn what steps you can take to guard your personal and company data. For more information about this topic and other cyber security concerns, please contact Bob Brewer, Tony McFarland, Elizabeth Warren or a member of our Privacy & Data Security team.


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