Griffon Corp Stock Price, News & Analysis

Griffon Corporation (NYSE: GFF) has completed its acquisition of Hunter Fan Company for $845 million, enhancing its product portfolio within the Consumer and Professional Products segment. This acquisition is expected to accelerate Griffon's growth and online market presence. The acquisition was financed through a new $800 million Term Loan B facility and cash reserves. Griffon plans to update its fiscal year 2022 guidance during its upcoming earnings call on February 1, 2022. The deal underscores Griffon's strategy of expanding through pivotal acquisitions.

Voss Capital, a significant shareholder of Griffon Corp. (GFF), has released a presentation titled "Renovating Griffon," which details their engagement history with the company. The presentation addresses ongoing issues regarding Griffon's corporate governance and conglomerate structure, while proposing the addition of a qualified candidate to the Board of Directors to increase shareholder value. Voss emphasizes the importance of voting for this nominee during the upcoming Annual Meeting, urging shareholders to use the BLUE proxy card.

Voss Capital, a significant shareholder of Griffon Corp. (NYSE: GFF), announced the withdrawal of two director nominees from a proxy contest due to unexpected reversals of approval from their employers. Voss claims this pattern of intimidation may be influenced by Griffon executives and calls for an investigation. They emphasize the urgent need for independent oversight on Griffon's Board to prevent self-dealing practices detrimental to shareholders. Voss plans to detail governance failures and a value creation strategy in the coming days and urges shareholders to vote for change using the BLUE proxy card.

Griffon Corporation (NYSE: GFF) has announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired for its acquisition of Hunter Fan Company, expected to close in the week of January 24, 2022. Griffon will also release its fiscal first quarter results on February 1, 2022, followed by a conference call at 8:30 AM ET to update its fiscal 2022 guidance, incorporating Hunter's impact. Investors are encouraged to read the related proxy statement filed with the SEC.

Voss Capital, a major shareholder of Griffon Corp. (NYSE: GFF), has issued a letter urging ESOP participants to vote for their nominated board members at the upcoming Annual Meeting. Holding over 2% of the company's stock, Voss argues that Griffon is undervalued and that management, particularly CEO Ron Kramer, is impeding growth due to high compensation and ineffective governance. They believe that independent nominees Charlie Diao and Levi Winn can better represent shareholders' interests. Voss claims that a vote for their nominees could significantly increase the stock value to over $50/share.

On January 10, 2022, Voss Capital issued a letter to Griffon Corp.'s shareholders criticizing the company's governance and stock performance. They argue the management's recent $845 million acquisition of Hunter Fan demonstrates poor strategic decisions and lack of due diligence. Voss promotes a five-step plan aiming to create approximately $50 per share in value through restructuring and improved oversight. They highlight that Griffon's total return over five years is merely 8%, significantly underperforming peers, and urge shareholders to vote for their nominated directors at the upcoming annual meeting on February 17.

Griffon Corporation (NYSE: GFF) highlights the immediate and long-term value of its proposed acquisition of Hunter Fan Company. The transaction is expected to be accretive to earnings by at least $0.50 per share in the first full fiscal year, with Hunter's strong market presence and EBITDA margins over 20% enhancing Griffon's financial profile. Despite some opposition from Voss Capital, the acquisition has garnered positive support from analysts and investors, indicating solid strategic merits and growth prospects. The vote for the WHITE proxy card is urged for the upcoming Annual Meeting on February 17, 2022.

Griffon Corporation (NYSE: GFF) has filed its preliminary proxy statement with the SEC ahead of its Annual Shareholder Meeting on February 17, 2022. The proxy includes six items for consideration, notably the nomination of four new directors aiming for enhanced corporate governance reflecting diversity and industry expertise. Michelle Taylor, nominated for her proficiency in manufacturing, will join a board where 29% will be women and persons of color post-election. Current director William Waldorf will retire. The company plans to implement a declassification of the board and reduce voting power required to call special meetings.

On Dec. 20, 2021, Voss Capital, a significant shareholder of Griffon Corp (GFF), publicly opposed the company's planned acquisition of Hunter Fan Company for $845 million. Voss criticized the deal for its unattractive valuation, claiming Griffon is paying 9.4x FY 2023 EBITDA, higher than its current trading multiple of under 8x. Concerns also included the execution risk due to Griffon's poor management history and a lack of shareholder voting on the deal, suggesting a potential conflict of interest involving the Board. Voss aims to push for board changes in February.