AMENDMENT NO. 1 TO ASSET AND STOCK PURCHASE AGREEMENTAsset and Stock Purchase Agreement • September 27th, 2017 • Griffon Corp • Metal doors, sash, frames, moldings & trim • New York
THIS AMENDMENT NO. 1 TO THE ASSET AND STOCK PURCHASE AGREEMENT is entered into this 25th day of September, 2017 (this “Amendment”), by and among Emerson Electric Co., a Missouri corporation (“Seller”) and ClosetMaid LLC (f/k/a ClosetMaid Acquisition Corp.), a Delaware limited liability company (“Buyer” and, together with Seller, the “Parties”).
Griffon Corporation Amends ClosetMaid® Purchase AgreementPurchase Agreement • September 27th, 2017 • Griffon Corp • Metal doors, sash, frames, moldings & trim
NEW YORK, NEW YORK, September 26, 2017 – On September 25, 2017, Griffon Corporation (NYSE: GFF) and Emerson (NYSE: EMR) entered into an amendment to the previously announced purchase agreement for Griffon to acquire ClosetMaid Corporation (“ClosetMaid”), a market leader of home storage and organization products. The amendment provides for a reduction in purchase price from $260 million to $200 million. After taking into account tax benefits resulting from the transaction, the effective purchase price was reduced from $225 million to $175 million.
