DOJ Challenges Consummated Merger Following HSR Clearance
On September 26, 2017, the U.S. Department of Justice filed a federal antitrust complaint seeking partially to unwind Parker-Hannifin Corporation’s $4.3 billion acquisition of CLARCOR, Inc.
The case is notable because it was initiated eight months after the expiration of the Hart-Scott-Rodino (“HSR”) Act’s waiting period, and seven months after the consummation of the transaction. This case is a reminder that HSR “clearance” does not prohibit the government from challenging a transaction, even after it has been consummated, though it is quite rare for the government to do so.
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