Griffon Corp - GFF STOCK NEWS

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.

Griffon Corporation (NYSE:GFF) announced its acquisition of Hunter Fan Company for $845 million, enhancing its portfolio of consumer products. Hunter, a leader in residential ceiling fans, is expected to add $400 million in revenue and $90 million in EBITDA in its first fiscal year, resulting in earnings accretion of at least $0.50 per share. The deal will be financed through cash and committed debt, with completion anticipated by January 2022.

Griffon Corporation (NYSE: GFF) has confirmed the receipt of a director nomination notice from Voss Capital, a 2% shareholder. This comes ahead of the 2022 Annual Meeting on February 17, 2022. Griffon reported solid financial growth with a revenue CAGR of 11%, adjusted EBITDA of 23%, and adjusted EPS of 35% over three years. The company achieved a total shareholder return of approximately 130%, outperforming the S&P 500. The Board has undergone significant refreshment, adding six new directors in five years, aiming for enhanced diversity and governance practices.

Griffon Corporation (NYSE:GFF) reported fiscal 2021 results showing a 10% revenue increase to $2.3 billion. Net income rose to $79.2 million ($1.48/share), while adjusted net income climbed 36% to $99.2 million ($1.86/share). The company is exploring strategic alternatives for its Defense Electronics segment, classifying it as a discontinued operation. Despite a 3% revenue increase in Q4, net income decreased to $15.9 million due to operational challenges. Griffon's adjusted EBITDA for the year reached $248 million, up 18%, reflecting solid demand in its Consumer and Professional Products segment.

The Board of Directors of Griffon Corporation (NYSE: GFF) has declared a quarterly cash dividend of $0.09 per share, payable on December 16, 2021, to shareholders on record as of November 29, 2021. This reflects the company's commitment to providing returns to its shareholders. Griffon operates through three segments: Consumer and Professional Products, Home and Building Products, and Defense Electronics, focusing on diverse markets including tools, garage doors, and defense solutions.