SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Griffon Corporation
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(Name of Issuer)
Common Stock, par value $0.25 per share
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(Title of Class of Securities)
398433102
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(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 13, 2007
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 2 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,148,046
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,148,046
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,148,046
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14 TYPE OF REPORTING PERSON*
IA; CO
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* SEE INSTRUCTIONS
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 3 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MULTISTRATEGY MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,941,166
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,941,166
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,941,166
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 4 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 206,880
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
206,880
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
206,880
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 5 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE E. HALL
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,148,046
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,148,046
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,148,046
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 6 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CONRAD BRINGSJORD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,148,046
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,148,046
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,148,046
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 7 OF 10 PAGES
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The Schedule 13D filed on December 20, 2006 by Clinton Group, Inc., a Delaware
corporation ("CGI"), Clinton Multistrategy Master Fund, Ltd., a Cayman Islands
company ("CMSF"), Clinton Special Opportunities Master Fund, Ltd., a Cayman
Islands company ("CSO"), George E. Hall and Conrad Bringsjord (collectively, the
"Reporting Persons"), with respect to the shares of Common Stock, par value
$0.25 per share (the "Shares"), of Griffon Corporation, a Delaware corporation
(the "Issuer"), as previously amended by Amendment No. 1 dated February 7, 2007,
is hereby amended as set forth herein by this Amendment No. 2.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is hereby amended and restated as follows:
Funds for the purchase of the Shares reported herein were derived from
available capital of CMSF and CSO. A total of approximately $50.7 million was
paid to acquire such Shares.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
On March 15, 2007, CGI delivered a letter to the Issuer's board of
directors requesting that the board make changes to assure that the Issuer's
shareholders have a legitimate means to be heard in the Issuer's governance and
strategic direction. At a minimum, CGI requested that the Issuer amend its
bylaws to (1) reduce the percentage of shareholder votes required to call a
special meeting; (2) de-classify the board; (3) permit shareholders to remove
directors without cause; and (4) prohibit the Issuer's Chief Executive Officer
from serving as Chairman of the Issuer's board. The letter further calls for an
end to Harvey Blau's "dual CEO" position and asks that senior officer employment
agreements and pay packages be voted on by the Issuer's shareholders. A copy of
this letter is attached hereto as Exhibit C and is incorporated herein by
reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and
restated as follows:
(a) As of the close of business on March 14, 2007, the Reporting Persons
beneficially owned an aggregate of 2,148,046 Shares, constituting approximately
7.2% of the Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 29,845,689 Shares outstanding, which is the total number
of Shares outstanding as of January 31, 2007 as reported in the Issuer's
Quarterly Report on Form 10-Q for the period ended December 31, 2006.
(b) By virtue of investment management agreements with each of CMSF and
CSO, CGI has the power to vote or direct the voting, and to dispose or direct
the disposition, of all of the 1,941,166 Shares held by CMSF and the 206,880
Shares held by CSO. By virtue of his direct and indirect control of CGI, George
E. Hall is deemed to have shared voting power and shared dispositive power with
respect to all Shares as to which CGI has voting power or dispositive power. By
virtue of his position as managing director and senior portfolio manager of CGI,
Conrad Bringsjord is also deemed to have shared voting power and shared
dispositive power with respect to all Shares as to which CGI has voting power or
dispositive power. Accordingly, CGI, George E. Hall and Conrad Bringsjord are
deemed to have shared voting and shared dispositive power with respect to an
aggregate of 2,148,046 Shares.
(c) Information concerning transactions in the Shares effected by the
Reporting Persons since the most recent filing on Schedule 13D is set forth in
Schedule B hereto and is incorporated herein by reference. Unless otherwise
indicated, all of such transactions were effected in the open market.
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 8 OF 10 PAGES
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Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 6 of the Schedule 13D is hereby amended and restated as follows:
The Reporting Persons may, from time to time, enter into and dispose of
cash-settled equity swap or other similar derivative transactions with one or
more counterparties that are based upon the value of Shares, which transactions
may be significant in amount. The profit, loss and/or return on such contracts
may be wholly or partially dependent on the market value of the Shares, the
relative value of Shares in comparison to one or more other financial
instruments, indexes or securities, a basket or group of securities in which
Shares may be included, or a combination of any of the foregoing. In addition to
the Shares that they beneficially own without reference to these contracts, the
Reporting Persons currently have long economic exposure to 453,200 Shares
through such contracts. These contracts do not give the Reporting Persons direct
or indirect voting, investment or dispositive control over any securities of the
Issuer and do not require the counterparties thereto to acquire, hold, vote or
dispose of any securities of the Issuer. Accordingly, the Reporting Persons
disclaim any beneficial ownership in any securities that may be referenced in
such contracts or that may be held from time to time by any counterparties to
such contracts.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is hereby amended and restated as follows:
Exhibit A - Joint Filing Agreement dated December 20, 2006 (previously filed)
Exhibit B - Letter to Issuer dated December 20, 2006 (previously filed)
Exhibit C - Letter to Issuer dated March 15, 2007
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 9 OF 10 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: March 15, 2007
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON MULTISTRATEGY MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
/s/ George E. Hall
------------------------------
George E. Hall
/s/ Conrad Bringsjord
------------------------------
Conrad Bringsjord
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CUSIP NO. 398433102 SCHEDULE 13D PAGE 10 OF 10 PAGES
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SCHEDULE B
TRANSACTIONS IN THE SHARES BY THE REPORTING PERSONS SINCE THE MOST
RECENT FILING ON SCHEDULE 13D
Clinton Multistrategy Master Fund, Ltd.
Trade Date Shares Purchased (Sold) Price Per Share ($)
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02/07/07 10,000 23.16
02/08/07 37,800 23.33
02/09/07 30,600 23.59
02/12/07 9,000 23.21
02/13/07 5,600 23.35
02/14/07 35,700 23.50
02/15/07 32,800 23.54
02/16/07 26,300 23.67
02/16/07 (500) 23.71
02/16/07 8,100 23.64
02/20/07 5,300 23.64
02/21/07 48,700 23.84
02/23/07 19,000 23.51
03/02/07 6,600 23.11
03/05/07 14,522 22.97
03/08/07 6,000 23.27
03/12/07 1,400 23.53
03/13/07 5,000 23.56
Clinton Special Opportunities Master Fund, Ltd.
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
02/15/07 36,200 23.54
02/22/07 (36,200) 23.72
03/13/07 5,000 23.56
March 15, 2007
Board of Directors
Griffon Corporation
100 Jericho Quadrangle
Jericho, New York 11753
To Griffon Board Members:
We had been awaiting the conclusions reached by the investment bankers that Mr.
Blau and Mr. Edelstein have stated were hired in advance of our initial filing.
Unfortunately, we believe management's statements on the first quarter 2007
conference call, which were something to the effect of, "the concept of
diversity, which we have pushed over the years has worked", suggests that the
prudent value creating scenarios that we outlined are not currently being
entertained. We respectfully disagree that Griffon's conglomerate structure is
"working" as evidenced by a stock price that has declined since the beginning of
2005 while the S&P 500 is up over 19%.
Ironically, the most recent precedent defense transaction that supports the "sum
of the parts" valuation is the recently announced Aeroflex Incorporated
transaction which appears to be based on an 11x trailing EBITDA multiple. Mr.
Blau is obviously familiar with this deal since he is also chairman and CEO of
that public company, and it appears that he stands to reap a profit of well in
excess of $40 million from that transaction for what we would describe, for both
Aeroflex and Griffon, as a "part-time" CEO role.
However, rather than discussing the reasons for your stock's decline, the merits
of our value-enhancement analysis or the numerous inquiries we have had from
both strategic and financial buyers regarding each of Griffon's business lines,
as your second largest shareholder we would request that the Board of Directors
at least address the issues associated with what we perceive to be your
unfriendly shareholder corporate governance regime. We believe that changes must
be made to assure that shareholders have a legitimate means to be heard in the
governance and strategic direction of the Company they own.
A review of your articles of incorporation and by-laws demonstrates that many of
the shareholder friendly trends in today's corporate environment have failed to
manifest in Girffon's governance. While we obviously disagree on corporate
direction, we hope that we can agree that the Board of Directors should be
responsive to the wishes of the majority of its shareholders, as it has a
fiduciary duty to act in their best interests. In keeping with that philosophy,
we urge the Board of Directors to adopt at a minimum the following changes:
Amended By-Laws of Griffon Corporation
o The required level of shareholdings to permit shareholders to call a
special meeting should be reduced from the current 66 2/3% requirement to a
more appropriate level in the range of 20%. The current requirement is at a
level which as a practical matter forecloses shareholder action.
o The Board should all be of one class, annually elected, and therefore the
staggered board provision should be deleted. The staggered board simply
entrenches current directors, enabling them to remain in office even in the
face of overwhelming opposition by the shareholders.
o Once the board is destaggered, shareholders should be permitted to remove
directors with or without cause. Directors should serve shareholder
interests and accordingly should be subject to removal by the same
constituency that elected them.
o In reverse of the current provision, the Chairman of the Board "shall NOT
be" the Chief Executive Officer. Clearly current governance best practices
favor a non-executive chairman role, in order to eliminate some of the
power wielded, and conflicts raised, by such dual role executives.
Unfortunately for Griffon shareholders, Mr. Blau has inexplicably
maintained this dual role in not one, but two publicly traded companies.
Besides amending your by-laws, there are some other troubling corporate
governance issues that we believe should be addressed:
o We do not believe that an executive officer should be a part-time employee
serving simultaneously as an officer of another company. Currently, Harvey
Blau is the CEO of both Griffon Corporation and Aeroflex Incorporated. This
is an untenable situation, particularly in view of Mr. Blau's compensation
(over $5 million in just cash and bonus in fiscal 2006), while the stock
has floundered. Through the recent announcement of Aeroflex's going private
transaction, it seems this dual CEO role issue may resolve itself.
Nonetheless, we believe that such a scenario should never have occurred,
nor should it ever transpire again. To that end, we request that the Board
of Directors adopt a policy of limiting executive's outside obligations.
o Given what we believe to be a pattern of excessive senior officer pay
packages in terms of current salary and bonus, deferred restricted stock
and option grants, as well as extremely generous employment agreements with
costly change of control provisions, we believe such employment agreements
and pay packages should be voted on by Griffon shareholders.
o In keeping with the spirit of Regulation Fair Disclosure, we request that
the management presentation and transcript relating to the Telephonics
segment from the most recent annual meeting be posted on the company's web
site. Hereafter, we hope that the Board of Directors adopts a policy of
making all such presentations, including those made at analyst meeting,
readily available to all shareholders.
We hope that the Board of Directors will expedite the review and implementation
of value-enhancing alternatives that presumably your financial advisors are
reviewing. Further, we look forward to seeing Griffon adopt a more
shareholder-friendly corporate governance structure in the near future.
Clinton Group, Inc.
/s/ Conrad L. Bringsjord
Conrad L. Bringsjord
