December 2, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of CLARCOR Inc. (NYSE:CLC), was announced concerning whether the takeover of CLARCOR by Parker Hannifin Corporation for $83.00 per share is unfair to NYSE:CLC stockholders.

The investigation by a law firm concerns whether certain officers and directors of CLARCOR breached their fiduciary duties owed to NYSE:CLC investors in connection with the proposed acquisition.

On December 1, 2016, Parker Hannifin Corporation (NYSE: PH) and CLARCOR Inc. (NYSE: CLC) announced that the companies have entered into an agreement under which Parker Hannifin Corporation will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. Under the terms of the agreement, Parker Hannifin Corporation will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash.

However, the investigation concerns whether the offer is unfair to NYSE:CLC stockholders. More specifically, the investigation concerns whether the CLARCOR Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Shares of CLARCOR Inc. (NYSE:CLC) closed on December 2, 2016 at $82.46 per share.