NEW YORK--(BUSINESS WIRE)--Griffon Corporation (NYSE:GFF) announced today the pricing of an underwritten secondary offering of 4,855,109 shares of its common stock offered by GS Direct, L.L.C. (“GS Direct”), an affiliate of The Goldman Sachs Group, Inc. at a public offering price of $18.00 per share. In addition, GS Direct has granted the underwriters a 30-day option to purchase up to an additional 728,266 shares of its common stock, equal to up to 15% of the total amount of shares of common stock sold by GS Direct in the offering.

Griffon had initially proposed to offer 2,500,000 primary shares of its common stock and GS Direct had proposed to offer 5,583,375 shares of Griffon’s common stock, in each case subject to market conditions. Griffon determined not to sell primary shares in the offering, based on the public offering price, and withdrew the shares of common stock to be offered by the Company from the offering, including the offering of shares necessary to cover the 30-day underwriters’ option to purchase additional shares from Griffon. As a result of the withdrawal of shares by Griffon necessary to cover the underwriters’ 30-day option, GS Direct reduced the amount of shares offered from 5,583,375 to 4,855,109 shares of common stock and has granted the underwriters a 30-day option to purchase up to 728,266 additional shares of common stock (representing 15% of the aggregate amount of the reduced number of shares of common stock offered by GS Direct pursuant to this offering). If the option is exercised in full, GS Direct will no longer own any shares of Griffon.