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GFF

Griffon

$21.55

0.55 (2.62%)

, EMR

Emerson

$63.13

-0.48 (-0.75%)

16:06
09/26/17
09/26
16:06
09/26/17
16:06

Griffon amends ClosetMaid purchase agreement

Griffon Corporation (GFF) and Emerson (EMR) entered into an amendment to the previously announced purchase agreement for Griffon to acquire ClosetMaid Corporation, a market leader of home storage and organization products. The amendment provides for a reduction in purchase price from $260M to $200M. After taking into account tax benefits resulting from the transaction, the effective purchase price was reduced from $225M to $175M. Subsequent to entering into the purchase agreement, ClosetMaid management reported that the trend of increased manufacturing costs that occurred primarily during the quarter ended June 30 continued through Q4, resulting in unanticipated decreases in operating results. ClosetMaid management also indicated it expects this trend to impact future results. The terms of the amendment are intended to ensure that the valuation metrics used by the parties in establishing the original purchase price are maintained. Griffon and Emerson will make a joint election under Section 338 of the Internal Revenue Code, permitting the transaction to be treated as an asset purchase for tax purposes. This election will generate a tax benefit with an estimated present value of $25M for Griffon and its shareholders. The acquisition of ClosetMaid will be immediately accretive to Griffon's cash flow and earnings. In the first full year of operations, Griffon expects ClosetMaid to contribute approximately $300M in revenue and approximately 8c in earnings per share. Griffon's effective purchase price is 7 times expected EBITDA for the fiscal year ending September 2018. Griffon's acquisition of ClosetMaid is expected to be financed through committed debt financing which is expected to be in the form of a senior notes offering and cash on hand. The acquisition is subject to customary closing conditions and is expected to close on October 2.

GFF

Griffon

$21.55

0.55 (2.62%)

EMR

Emerson

$63.13

-0.48 (-0.75%)

  • 02

    Oct

GFF Griffon
$21.55

0.55 (2.62%)

11/17/16
SIDC
11/17/16
DOWNGRADE
SIDC
Neutral
Griffon downgraded to Neutral from Buy at Sidoti (pre-open)
EMR Emerson
$63.13

-0.48 (-0.75%)

09/14/17
JMPS
09/14/17
NO CHANGE
Target $70
JMPS
Outperform
Emerson uncertainty discount unwarranted, says JMP Securities
JMP Securities analyst Joseph Osha noted that July and August are the strongest two-month comps that Emerson Electric has seen in three years and he continues to believe the "uncertainty discount" seen in the share price is unwarranted. The company is seeing continued strength in automation solutions while commercial and residential orders continue to hold steady, said Osha, who reiterates his Outperform rating and $70 price target on Emerson shares.
06/19/17
JMPS
06/19/17
INITIATION
JMPS
Outperform
Emerson initiated with an Outperform at JMP Securities
JMP Securities analyst Joseph Osha started coverage of Emerson with a $70 price target and an Outperform rating. The analyst says that the company is well-managed , "has higher margins than most of its competitors," and "has a solid dividend yield."
05/15/17
STFL
05/15/17
NO CHANGE
STFL
Emerson shares poised to rebound, says Stifel
After meeting with Emerson's CEO, Stifel analyst Robert McCarthy is more upbeat about the company's Automation Solutions and Commercial & Residential Solutions units. The analyst says that the CEO is confident that the company's margins can rise. McCarthy raised his price target on the name to $67 from $65 and keeps a Buy rating.
04/04/17
WELS
04/04/17
NO CHANGE
WELS
ABB acquisition should provide support for Rockwell Automation, says Wells Fargo
Following the announcement that ABB (ABB) plans to acquire Bernecker & Rainer Industrie- Elektronik, Wells Fargo analyst Richard Kwas says the deal should provide support for Rockwell Automation's (ROK) shares, and should be a positive read through for the latter. The acquisition fills gaps for ABB in discrete automation, the analyst notes, adding that ABB could become a "more formidable competitor" in discrete. Separately, Kwas acknowledges that he had thought that Bernecker & Rainer Industrie- Elektronik may have been a "good fit" for Emerson (EMR), which he expects to execute additional M&A later in the year.

TODAY'S FREE FLY STORIES

WILC

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MIC

Macquarie Infrastructure

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BIDU

Baidu

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IBKC

Iberiabank

$80.15

0.05 (0.06%)

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VBTX

Veritex

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-0.02 (-0.07%)

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BHP

BHP Billiton

$41.56

0.06 (0.14%)

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DRRX

Durect

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0.03 (1.55%)

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TTNP

Titan Pharmaceuticals

$1.90

-0.1 (-5.00%)

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MSA

MSA Safety

$82.20

1.37 (1.69%)

17:46
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Earnings
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  • 20

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SKX

Skechers

$24.03

-1.06 (-4.22%)

, CAI

CAI International

$31.38

-0.05 (-0.16%)

17:41
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Hot Stocks
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UP AFTER EARNINGS:…

SKX

Skechers

$24.03

-1.06 (-4.22%)

CAI

CAI International

$31.38

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PYPL

PayPal

$67.25

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MXIM

Maxim Integrated

$50.09

0.24 (0.48%)

IMDZ

Immune Design

$5.50

-1.05 (-16.03%)

NCR

NCR Corp.

$37.05

-0.26 (-0.70%)

TACO

Del Taco

$15.39

-0.01 (-0.06%)

ATHN

athenahealth

$116.41

-4.37 (-3.62%)

ISRG

Intuitive Surgical

$357.46

3.09 (0.87%)

ETFC

E-Trade

$43.69

-0.23 (-0.52%)

CELG

Celgene

$135.96

-1.21 (-0.88%)

PBMD

Prima BioMed

$2.36

-0.02 (-0.84%)

AAXN

Axon

$24.62

-0.37 (-1.48%)

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DGX

Quest Diagnostics

$93.23

1.18 (1.28%)

17:37
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AAXN

Axon

$24.62

-0.37 (-1.48%)

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BPMX

BioPharmX

17:29
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MBVX

MabVax Therapeutics

$0.74

0.0248 (3.47%)

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IBKC

Iberiabank

$80.15

0.05 (0.06%)

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DRRX

Durect

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QCP

Quality Care Properties

$16.26

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FTR

Frontier Communications

$11.48

0.02 (0.17%)

, CHH

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FTR

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CHH

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DRIO

DarioHealth

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CUBI

Customers Bancorp

$33.16

0.46 (1.41%)

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  • 06

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MVC

MVC Capital

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0.08 (0.78%)

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  • 31

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CELG

Celgene

$135.96

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  • 26

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NGD

New Gold

$3.57

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  • 26

    Oct

COR

CoreSite Realty

$114.84

0.01 (0.01%)

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Breaking Syndicate news story on CoreSite Realty »

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  • 26

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SXT

Sensient

$78.26

-0.43 (-0.55%)

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