GFF - Why Griffon Stock Is Down Today
2023-04-20 12:27:40 ET
On Thursday, home and building products manufacturer Griffon (NYSE: GFF) announced that it had concluded a review of "strategic alternatives" without finding a buyer. That news disappointed investors who had been hoping for a sale at a premium price, and shares of Griffon fell by as much as 17% in Thursday morning trading. As of 12:23 p.m. ET, shares were off by 9.8%.
Griffon makes a range of home products including garage doors, gardening tools, and fans. In January 2022, the company's stock shot higher after Griffon said it was reviewing strategic alternatives, which is often Wall Street shorthand for a company putting itself on the auction block.
But as we always note when stocks surge based on such announcements, just considering options doesn't always lead to a deal. In this case, "the board determined the ongoing execution of the company's strategic plan is the best way to maximize value for shareholders at this time," the company said in a press release.
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Why Griffon Stock Is Down Today