- The all-cash deal works out to $83 per share for Clarcor (NYSE:CLC), up 32% from last night's close of $70.45.
- The merger is highly complimentary, says Parker (NYSE:PH) CEO Tom Williams, as Clarcor's sizable U.S. presence combines with Parker's international strength.
- His company expects annual run-rate synergies of $140M three years after closing, and the deal should be accretive to cash flow, EPS, and EBITDA margins after adjusting for one-time costs.
- Conference call at 8:30 ET.