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Shares of filtration company CLARCOR Inc. (NYSE: CLC) jumped as much as 17.7% on Thursday after an announcement the company was being acquired by Parker-Hannifin Corporation (NYSE: PH) for $4.3 billion. As of 12:10 p.m., shares were still up 16.9% for the day.
Parker-Hannifin will pay $83 per share in cash for CLARCOR in a deal it believes will improve its strategic position in the marketplace. Expected annual synergies of $140 million are also seen to justify the purchase price.