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PH

Parker-Hannifin

$138.93

1.98 (1.45%)

, CLC

Clarcor

$70.45

0.53 (0.76%)

07:05
12/01/16
12/01
07:05
12/01/16
07:05

Parker-Hannifin to acquire Clarcor for $83.00 per share

Parker Hannifin (PH) and CLARCOR (CLC) announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3B in cash, including the assumption of net debt. Under the terms of the agreement, Parker will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash. This represents a premium of approximately 17.8% to CLARCOR's closing share price on November 30, 2016 and a premium of approximately 29.2% to CLARCOR's volume weighted average share price over 90 days and a premium of approximately 17.1% to CLARCOR's all-time and 52-week high. The transaction has been unanimously approved by the Board of Directors of each company. CLARCOR, headquartered in Franklin, TN, is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products with annual sales of approximately $1.4B and 6,000 employees worldwide. CLARCOR adds a broad array of industrial air and liquid filtration products and technologies to Parker's filtration portfolio. Parker expects to realize annual run rate cost synergies of approximately $140M three years after closing through a variety of initiatives, including the consolidation of the companies' supply chains and a successful implementation of Parker's Win Strategy throughout CLARCOR's operations. The transaction is expected to be accretive to Parker's Cash Flow, EPS and EBITDA margins, after adjusting for one-time costs. The combination of the companies' complementary filtration offerings strengthens Parker's position in a growing and resilient business. Parker expects to benefit from increased recurring revenue streams as approximately 80 percent of CLARCOR's revenue is generated through aftermarket sales. The addition of CLARCOR is expected to significantly increase recurring revenue in Parker's Filtration Group. The transaction is expected to be completed by or during Q1 of Parker's fiscal year 2018.

PH

Parker-Hannifin

$138.93

1.98 (1.45%)

CLC

Clarcor

$70.45

0.53 (0.76%)

  • 08

    Dec

  • 19

    Dec

  • 20

    Dec

PH Parker-Hannifin
$138.93

1.98 (1.45%)

11/07/16
EVER
11/07/16
UPGRADE
EVER
Buy
Parker-Hannifin upgraded to Buy from Hold at Evercore ISI
Evercore ISI analyst David Raso upgraded Parker-Hannifin to Buy and raised its price target to $135 from $113 based on lowered expectations, valuation, and and accelerating inflation. The analyst is encouraged by orders turning positive year-over-year in Q3 for the first time in 7 quarters and said Parker is in the sweet spot given its heavy distributor and broad manufacturer presence to any positive swing in industrial inventory stocking patterns.
11/07/16
MSCO
11/07/16
UPGRADE
Target $139
MSCO
Overweight
Parker-Hannifin upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Mili Pothiwala upgraded Parker-Hannifin with an Overweight and a $139 price target citing topline growth, high earnings achievability, and valuation.
11/07/16
11/07/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Time Warner (TWX) upgraded to Outperform from Neutral at Credit Suisse with analyst Omar Sheikh citing attractive valuation. 2. Waste Management (WM) upgraded to Overweight from Equal Weight at Barclays with analyst Jon Windham saying the recent pullback in shares provides a buying opportunity given the company's "strong" underlying fundamentals. 3. Parker-Hannifin (PH) upgraded to Buy from Hold at Evercore ISI and to Overweight from Equal Weight at Morgan Stanley. 4. Biogen (BIIB) upgraded to Overweight from Neutral at Piper Jaffray with analyst Joshua Schimmer saying the company still has time to "get its act together to maximize the value of its SMA franchise, and stop being M&A disciplined/pipeline-undisciplined." 5. Cummins (CMI) upgraded to Buy from Hold at Evercore ISI with analyst David Raso citing lowered expectations, valuation, and accelerating inflation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/08/16
JPMS
11/08/16
UPGRADE
Target $121
JPMS
Neutral
Parker-Hannifin upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Ann Duignan upgraded Parker-Hannifin to Neutral saying fears of a prolonged decline in U.S. manufacturing have not materialized. The analyst believes 2017 will be a better year for industrial activity following the U.S. elections. She upped her price target for Parker-Hannifin shares to $121 from $117.
CLC Clarcor
$70.45

0.53 (0.76%)

06/09/16
KING
06/09/16
INITIATION
KING
Neutral
Clarcor reinitiated with a Neutral at CL King

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