Griffon Corporation Increases Return of Capital to Shareholders with Buyback Authorization and Special Dividend
Dividends
April 20, 2023
Griffon Corporation, a diversified management and holding company, has announced an increase in return of capital to its shareholders. The Board of Directors of Griffon Corporation approved two actions to return additional capital to shareholders. The Board increased its share repurchase authorization to $258 million and declared a special cash dividend of $2.00 per share.
The Griffon Board initiated the strategic alternatives process in January 2022. The Committee on Strategic Considerations evaluated a comprehensive range of strategic alternatives to maximize shareholder value. After careful consideration, the Board unanimously determined that none of the proposals received reflect the intrinsic value and strong operating performance of the business, and therefore elected to conclude its review.
The Board of Directors of Griffon Corporation unanimously decided to conclude its review of strategic alternatives. After extensive evaluation and deliberation, the Board determined the ongoing execution of the Company's strategic plan is the best way to maximize value for shareholders at this time. Griffon increased its share repurchase authorization to $258 million from the prior unused authorization of $58 million. Second, the Griffon Board declared a special cash dividend of $2.00 per share, payable on May 19, 2023 to shareholders of record as of the close of business on May 9, 2023.
Ronald J. Kramer, Chairman and CEO of Griffon, expressed confidence in the business and operating strategy, despite headwinds in the housing market and the global economy. "The special dividend announced today demonstrates our commitment to providing immediate value to our shareholders, and reflects the confidence of Griffon's Board and management regarding our outlook."
Members of LevelFields received the alert of this event on April 20, 8:30 AM ET
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