GFF - Griffon gains after investor calls for breakup pushes for board seats

Griffon Corp. (NYSE:GFF) rose 4.3% after an investor called on the company to explore its options, including a breakup. Investor Voss Capital, which has a 2.1% stake in Griffin, said in a letter to the company's board that it has nominated three candidates for Griffin's board. Voss is calling on the company to start a strategic review and Voss sees the potential for the shares to hit "well over" $50 in a breakup, a 90% increase from its current share price. "We believe that Griffon has a collection of attractive businesses that is significantly undervalued in the public markets due to poor corporate governance, egregious management compensation and an outdated conglomerate structure," Voss Capital Chief Investment Officer Travis Cocke wrote in the letter. Late September, Griffon to explore strategic alternatives for Telephonics.

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Griffon gains after investor calls for breakup, pushes for board seats