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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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Economic Development & Corporate Relocation

Companies looking to expand or relocate to Tennessee need to know the state and local tax and economic incentives available to them. While some of these benefits are "on the books" and available without affirmative action on the part of the relocating or expanding company, many of the more lucrative incentives require awareness, request and individual negotiation and implementation.

Bass, Berry & Sims attorneys have extensive state-wide experience representing relocating and expanding businesses in connection with all types of Tennessee tax and economic incentives, including:

  • State tax incentives – Members of our state and local tax group represent companies in understanding and maximizing relocation and expansion state tax incentives, including credits that that can be used to offset Tennessee’s franchise and excise taxes and reductions in sale or use tax owed on purchases made in connection with a qualifying relocation or expansion.
  • PILOT agreements – We have relationships with local government officials in all of the state's 95 counties and have represented more than 100 companies in negotiating and coordinating the implementation of payment in lieu of taxes (PILOT) agreements with respect to investments ranging from $10 million to more than $10 billion. 
  • Tax increment, special assessment and industrial development bond financing – We pioneered the use of tax increment and special assessment bond financing with extensive involvement in the drafting of Tennessee authorizing legislation and closing some of the first tax increment financing (TIF) and special assessment financings in Tennessee. We also have extensive experience with "qualified small issue" manufacturing bonds (formerly referred to as "industrial development bonds"), which, despite tightening federal tax restrictions, remain a cost saving option for smaller relocating or expanding businesses.
  • State grant programs – We have helped clients qualify for state grant and loan programs, such as the FastTrack Infrastructure Development Program and the FastTrack Job Training Assistance Program, which are designed to help cover the costs of building infrastructure at new facilities and defray the cost of employee training. 

In addition to our tax and economic incentives capabilities, we offer many other services to economic development, including:

  • Government relations
  • Environmental laws and regulations
  • Zoning and land use planning
  • Employment law
  • Real estate and commercial financing, and
  • Construction law.

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