Griffin buys back 4.44M shares from Goldman Sachs at $11.25/share

|By:, SA News Editor

Griffon (GFF +3.2%) will repurchase 4.44M  of itsshares for $50M ($11.25/share, 12.1% discount to today's close) from Goldman Sachs. The transaction is exclusive of the company's current $50M share repurchase program (of which $12M remains).

Goldman's stake will be reduced to 5.56M shares, or ~10% of shares outstanding.

As part of the agreement, Goldman agreed to first offer shares to the company in good faith if it chooses to sell its remaining stake prior to the end of 2014.