S&P Lowers Outlook on Parker-Hannifin (PH) to Negative Amid CLARCOR (CLC) Deal
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Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close
December 5, 2016 8:31 AM ESTJefferies reiterated a Hold rating on Parker-Hannifin (NYSE: PH), and raised the price target to $145.00 (from $110.00), after updating the company model. The update comes as PH prepares to close on its acquisition of CLARCOR (NYSE: CLC).
The... More
Moody's Places Parker-Hannifin (PH) Ratings on Review for Downgrade
December 1, 2016 10:56 AM ESTMoody's Investors Service, Inc. placed the A3 senior unsecured debt rating of Parker-Hannifin Corporation (NYSE: PH) under review for downgrade and affirmed the company's P-2 short-term rating. The rating actions follow Parker's announcement that it has reached an agreement to acquire $1.4 billion (trailing sales) filtration company CLARCOR Inc. in a transaction valued at approximately $4.3 billion. The transaction is subject to customary regulatory and shareholder approvals and is expected to close around the middle of 2017 (roughly coinciding with Parker's fiscal year end 2017).
Moody's anticipates that a downgrade of the senior unsecured debt rating... More
Clarcor (CLC) volatility low into acquiring Parker-Hannifin (PH) for approximately $4.3B in cash
December 1, 2016 7:21 AM ESTClarcor (NYSE: CLC) December call option implied volatility is at 21, January is at 26; compared to its 52-week range of 19 to 43 into Parker-Hannifin (NYSE: PH) acquiring for $83 per share.
... MoreParker-Hannifin (PH) volatility low into acquiring Clarcor (CLC) for approximately $4.3B
December 1, 2016 7:17 AM ESTParker-Hannifin (NYSE: PH) December call option implied volatility is at 22, January is at 21; compared to its 52-week range of 18 to 40 into acquiring Clarcor (NYSE: CLC) for $83 per share.
... MoreParker-Hannifin (PH) to Acquire CLARCOR (CLC) in $4.3B Deal
December 1, 2016 7:01 AM ESTParker Hannifin Corporation (NYSE: PH) and CLARCOR Inc. (NYSE: CLC) 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.
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 percent to CLARCORs closing share price on November 30, 2016 and a premium of approximately 29.2 percent to CLARCORs volume weighted average share price over 90... More
