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BRIEF-Griffon, Emerson amend previously announced purchase agreement for ClosetMaid acquisition
September 26, 2017 / 9:22 PM / 22 days ago

BRIEF-Griffon, Emerson amend previously announced purchase agreement for ClosetMaid acquisition

Sept 26 (Reuters) - Griffon Corp:

* Griffon corp - ‍co and emerson entered into an amendment to previously announced purchase agreement for griffon to acquire closetmaid corp

* Griffon corp - ‍amendment provides for a reduction in purchase price from $260 million to $200 millio​n

* Griffon corp - ‍in first full year of operations, griffon expects closetmaid to contribute approximately $0.08 in earnings per share​

* Griffon corp - the griffon & emerson joint election will generate tax benefit with estimated present value of $25 million for griffon and its shareholders

* Griffon corp - ‍amendment provides for a reduction in purchase price from $260 million to $200 million​

* Griffon corp - ‍in first full year of operations, griffon expects closetmaid to contribute about $300 million in revenue​

* Says acquisition of closetmaid will be immediately accretive to griffon’s cash flow and earnings

* Griffon corp - ‍after taking into account tax benefits resulting from transaction, effective purchase price was reduced from $225 million to $175 million​

* Griffon corp- acquisition of closetmaid is expected to be financed through committed debt financing in form of senior notes offering and cash on hand Source text for Eikon: Further company coverage:

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