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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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Blueprint for an IPO

Companies go public to raise capital to fuel growth, pay down debt and provide liquidity to shareholders. Although all issuers and offerings are different, the basic process of going public remains relatively constant. Blueprint for an IPO identifies the key players, details the process and identifies the obligations companies will face after going public.

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Jason Northcutt Provides Insight on Growth Strategies for Middle-Tier Government Contractors

Contract Management Magazine


August 24, 2017

Bass, Berry & Sims attorney Jason Northcutt authored an article for Contract Management Magazine discussing strategies for the middle-tier of government contractors that participate in the contracts bidding process. Historically, middle-tier contractors have faced numerous challenges from competition, including the "lowest price, technically acceptable" (LPTA) standard, which favors companies who compete primarily on the basis of price. These contractors typically consist of companies offering commoditized products or services, or large companies with significant economies of scale. Going forward, however, the 2017 National Defense Authorization Act (NDAA) mandates that the LPTA standard can only be used for straightforward commodity procurements, showing that the use of the standard is trending towards stricter regulations. Beyond the tightening of the LPTA standard, middle-tier contractors can also look forward to expanded opportunities from increased fiscal spending as proposed in President Trump's 2018 fiscal budget, which currently includes increased military spending and border security.

In terms of business growth, contractors should not expect a spike in merger and acquisition transactions since government services deal volume is expected to remain at 2015-2016 levels. Contractors should adopt a "focused scale" strategy to best focus on core competencies while slowly broadening its product of offerings to expand access to deals. "Organic growth alone can only take you so far," Jason said. "The federal market is an industry where companies have turned to inorganic strategies to drive growth."

The full article, "Silver Linings and Golden Opportunity – Growth Strategies for the Middle Tier," was published in the August 2017 edition of Contract Management Magazine and is available online or the PDF below.

Originally published in the August 2017 issue of Contract Management Magazine. Copyright 2017, National Contract Management Association. Used with permission.

Download Document - Contract Management Magazine (August 2017)

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