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BRIEF-Griffon Corporation Announces Clopay Building Products To Acquire Cornellcookson

May 3 (Reuters) - Griffon Corp:

* DEAL FOR $180 MILLION

* GRIFFON CORPORATION ANNOUNCES CLOPAY BUILDING PRODUCTS TO ACQUIRE CORNELLCOOKSON

* ACQUISITION IS EXPECTED TO BE FINANCED THROUGH CASH ON HAND

* AFTER TAKING INTO ACCOUNT TAX BENEFITS RESULTING FROM TRANSACTION, EFFECTIVE PURCHASE PRICE IS APPROXIMATELY $170 MILLION

* IN FIRST FULL YEAR OF OPERATIONS, GRIFFON EXPECTS CORNELLCOOKSON TO CONTRIBUTE $200 MILLION IN NET SALES AND $0.15 IN EARNINGS PER SHARE

* CO, CORNELLCOOKSON HAVE STRUCTURED ACQUISITION SUCH THAT IT WILL BE TREATED AS AN ASSET PURCHASE FOR TAX PURPOSES Source text for Eikon: Further company coverage:

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