- Griffon Corp (NYSE:GFF) Board of Directors initiated a process to explore a comprehensive range of strategic alternatives, including a sale.
- Griffon does not intend to comment on the process or disclose further developments until a specific transaction or review conclusion.
- Griffon raised its FY22 adjusted EBITDA guidance for its business segments to $475 million, up 34%, during its Q2 results conference call on April 28, 2022.
- "Notwithstanding the increased guidance for fiscal 2022, and our confidence in our forward outlook, there is a profound disconnect between Griffon's share price and the underlying value of our businesses. Given this disconnect, the Board and management believe it is necessary to consider a review of alternatives, with a focus on maximizing near-term shareholder value creation," commented Ronald J. Kramer, Chairman, and CEO.
- Price Action: GFF shares are trading higher 24.8% at $30.33 on the last check Monday.
