UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
Griffon Corporation
-------------------
(Name of Issuer)
Common Stock, par value $0.25 per share
---------------------------------------
(Title of Class of Securities)
398433102
---------
(CUSIP Number)
Mr. James A. Mitarotonda
c/o Barington Companies Equity Partners, L.P.
888 Seventh Avenue, 17th Floor
New York, NY 10019
(212) 974-5700
----------------------------------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
February 16, 2007
-----------------
(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: |_|.
(Continued on following pages)
(Page 1 of 26 Pages)
SCHEDULE 13D
CUSIP No. 398433102 Page 2 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Companies Equity Partners, L.P. 13-4088890
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 422,443
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 422,443
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
422,443
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.42%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 3 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Companies Investors, LLC 13-4126527
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 422,443
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 422,443
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
422,443
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.42%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 4 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Investments, L.P. 20-2871525
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 300,939
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 300,939
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,939
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.01%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 5 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Companies Advisors, LLC 20-0327470
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 300,939
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 300,939
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,939
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.01%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 6 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Benchmark Opportunitas Fund plc
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Ireland
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 70,238
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 70,238
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,238
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.24%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 7 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Offshore Advisors, LLC 20-4797640
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 70,238
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 70,238
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,238
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.24%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IA, OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 8 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Companies Offshore Fund, Ltd.
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 720,464
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 720,464
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
720,464
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.41%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 9 of 26 Pages
------------------- ------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Offshore Advisors II, LLC 20-8325785
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 720,464
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 720,464
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
720,464
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.41%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IA, OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 10 of 26 Pages
------------------- -------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Barington Capital Group, L.P. 13-3635132
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 1,514,084
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 1,514,084
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,514,084
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.07%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 11 of 26 Pages
------------------- -------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
LNA Capital Corp. 13-3635168
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 1,514,084
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 1,514,084
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,514,084
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.07%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 398433102 Page 12 of 26 Pages
------------------- -------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
James A. Mitarotonda
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS OO
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 1,514,084
SHARES ---------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 1,514,084
WITH ---------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,514,084
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.07%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
Page 13 of 26 Pages
Item 1. Security and Issuer.
This statement on Schedule 13D (the "Statement") relates to the common
stock, par value $0.25 per share (the "Common Stock"), of Griffon Corporation, a
Delaware corporation (the "Company"). The principal executive offices of the
Company are located at 100 Jericho Quadrangle, Jericho, NY 11753.
Item 2. Identity and Background.
(a) - (c) This Statement is being filed by Barington Companies Equity
Partners, L.P., Barington Companies Investors, LLC, Barington Investments, L.P.,
Barington Companies Advisors, LLC, Benchmark Opportunitas Fund plc, Barington
Offshore Advisors, LLC, Barington Companies Offshore Fund, Ltd., Barington
Offshore Advisors II, LLC, Barington Capital Group, L.P., LNA Capital Corp. and
James A. Mitarotonda (each, a "Reporting Entity" and, collectively, the
"Reporting Entities").
As of February 23, 2007, the Reporting Entities are the beneficial owners
of, in the aggregate, 1,514,084 shares of Common Stock, representing
approximately 5.07% of the shares of Common Stock presently outstanding.
Barington Companies Equity Partners, L.P. is a Delaware limited
partnership. The principal business of Barington Companies Equity Partners, L.P.
is acquiring, holding and disposing of investments in various companies. The
address of the principal business and principal office of Barington Companies
Equity Partners, L.P. is 888 Seventh Avenue, 17th Floor, New York, New York
10019.
Barington Investments, L.P. is a Delaware limited partnership. The
principal business of Barington Investments, L.P. is acquiring, holding and
disposing of investments in various companies. The address of the principal
business and principal office of Barington Investments, L.P. is 888 Seventh
Avenue, 17th Floor, New York, New York 10019.
Benchmark Opportunitas Fund plc is a public limited company incorporated
under the law of Ireland as an investment company. The principal business of
Benchmark Opportunitas Fund plc is acquiring, holding and disposing of
investments in various companies. The address of the principal business and
principal office of Benchmark Opportunitas Fund, plc is Styne House, 2nd Floor,
Upper Hatch Street, Dublin 2, Ireland. The directors of Benchmark Opportunitas
Fund plc and their principal occupations and business addresses are set forth on
Schedule I and incorporated by reference in this Item 2.
Barington Companies Offshore Fund, Ltd. is an international business
company organized under the laws of the British Virgin Islands. The principal
business of Barington Companies Offshore Fund, Ltd. is acquiring, holding and
disposing of investments in various companies. The address of the principal
business and principal office of Barington Companies Offshore Fund, Ltd. is c/o
Bison Financial Services Limited, Bison Court, Road Town, Tortola, British
Virgin Islands. The executive officers and directors of Barington Companies
Offshore Fund, Ltd. and their principal occupations and business addresses are
set forth on Schedule II and incorporated by reference in this Item 2.
The general partner of Barington Companies Equity Partners, L.P. is
Barington Companies Investors, LLC. Barington Companies Investors, LLC is a
Delaware limited liability company. The principal business of Barington
Companies Investors, LLC is serving as the general partner of Barington
Companies Equity Partners, L.P. The address of the principal
Page 14 of 26 Pages
business and principal office of Barington Companies Investors, LLC is 888
Seventh Avenue, 17th Floor, New York, New York 10019. James A. Mitarotonda is
the Managing Member of Barington Companies Investors, LLC.
The general partner of Barington Investments, L.P. is Barington Companies
Advisors, LLC. Barington Companies Advisors, LLC is a Delaware limited liability
company. The principal business of Barington Companies Advisors, LLC is serving
as the general partner of Barington Investments, L.P. The address of the
principal business and principal office of Barington Companies Advisors, LLC is
888 Seventh Avenue, 17th Floor, New York, New York 10019. James A. Mitarotonda
is the Managing Member of Barington Companies Advisors, LLC.
The investment advisor of Benchmark Opportunitas Fund plc is Barington
Offshore Advisors, LLC. Barington Offshore Advisors, LLC is a Delaware limited
liability company. The principal business of Barington Offshore Advisors, LLC is
serving as the investment advisor of Benchmark Opportunitas Fund plc. The
address of the principal business and principal office of Barington Offshore
Advisors, LLC is 888 Seventh Avenue, 17th Floor, New York, New York 10019. James
A. Mitarotonda is the Managing Member of Barington Offshore Advisors, LLC.
The investment advisor of Barington Companies Offshore Fund, Ltd. is
Barington Offshore Advisors II, LLC. Barington Offshore Advisors II, LLC is a
Delaware limited liability company. The principal business of Barington Offshore
Advisors II, LLC is serving as the investment advisor of Barington Companies
Offshore Fund, Ltd. The address of the principal business and principal office
of Barington Offshore Advisors II, LLC is 888 Seventh Avenue, 17th Floor, New
York, New York 10019. James A. Mitarotonda is the Managing Member of Barington
Offshore Advisors II, LLC.
Barington Companies Investors, LLC, Barington Companies Advisors, LLC,
Barington Offshore Advisors, LLC and Barington Offshore Advisors II, LLC are
each majority-owned subsidiaries of Barington Capital Group, L.P. Barington
Capital Group, L.P. is a New York limited partnership. The principal business of
Barington Capital Group, L.P. is acquiring, holding and disposing of investments
in various companies. The address of the principal business and principal office
of Barington Capital Group, L.P. is 888 Seventh Avenue, 17th Floor, New York,
New York 10019.
The general partner of Barington Capital Group, L.P. is LNA Capital Corp.
LNA Capital Corp. is a Delaware corporation. The principal business of LNA
Capital Corp. is serving as the general partner of Barington Capital Group, L.P.
The address of the principal business and principal office of LNA Capital Corp.
is c/o Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York,
New York 10019. James A. Mitarotonda is the sole stockholder and director of LNA
Capital Corp. The executive officers of LNA Capital Corp. and their principal
occupations and business addresses are set forth on Schedule III and
incorporated by reference in this Item 2. The principal occupation of Mr.
Mitarotonda is serving as the Chairman and Chief Executive Officer of Barington
Capital Group, L.P. The business address of Mr. Mitarotonda is c/o Barington
Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York, New York 10019.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing it for
supplemental informational purposes only.
(d) - (e) During the last five years, none of the Reporting Entities or
any other person identified in response to this Item 2 was convicted in a
criminal proceeding (excluding traffic
Page 15 of 26 Pages
violations and similar misdemeanors) or was a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
(f) Each natural person identified in Item 2 is a citizen of the United
States, other than Graham Cook, a director of Barington Companies Offshore Fund,
Ltd., who is a citizen of the United Kingdom, Jonathan Clipper, a director of
Barington Companies Offshore Fund, Ltd., who is a citizen of Bermuda and the
United Kingdom, Jim Cleary, a director of Benchmark Opportunitas Fund plc, who
is a citizen of Ireland, Andreas Jeschko, a director of Benchmark Opportunitas
Fund plc, who is a citizen of Austria, Karen Kisling, a director of Benchmark
Opportunitas Fund plc, who is a citizen of Austria, and Carl O'Sullivan, a
director of Benchmark Opportunitas Fund plc, who is a citizen of Ireland.
Item 3. Source and Amount of Funds or Other Consideration.
The reporting entities purchased an aggregate of 1,706,050 shares of
Common Stock. All purchases of Common Stock by the Reporting Entities were made
in open market transactions. All purchases were funded by working capital, which
may, at any given time, include margin loans made by brokerage firms in the
ordinary course of business. The amount of funds expended for such purchases
(excluding commissions and other execution-related costs) was approximately
$10,701,773.18 by Barington Companies Equity Partners, L.P., $7,713,681.43 by
Barington Investments, L.P., $1,612,090.50 by Benchmark Opportunitas Fund plc
and $17,224,071.22 by Barington Companies Offshore Fund, Ltd.
Item 4. Purpose of Transaction.
Each of the Reporting Entities acquired beneficial ownership of the shares
of Common Stock to which this Statement relates in order to obtain a significant
equity position in the Company, the Common Stock of which, in the opinion of the
Reporting Entities, has been undervalued.
The Reporting Entities consider their equity position to be for investment
purposes only. Each of the Reporting Entities may acquire additional shares of
Common Stock or sell or otherwise dispose of any or all of the shares of Common
Stock beneficially owned by it, in the open market, in privately negotiated
transactions or otherwise. The Reporting Entities may also take any other action
with respect to the Company or any of its debt or equity securities in any
manner permitted by law.
The Reporting Entities, many of whom have been stockholders in the Company
since April 2005, believe that the Company should implement a number of measures
to improve the Company's profitability and share price performance, including,
without limitation,
(i) the divestiture, spin-off or partial initial public offering
of the Company's Telephonics subsidiary, as a result of the
belief of the Reporting Entities that the full value of this
business is not reflected in the market price of the Common
Stock due to the conglomerate structure of the Company;
(ii) an increase in share repurchases under the Company's stock
buyback program in light of the current trading range of the
Common Stock;
Page 16 of 26 Pages
(iii) further reductions in the Company's cost structure,
particularly with respect to the Company's garage doors and
specialty plastic films businesses; and
(iv) the de-classification of the Board of Directors and the
separation of the Chairman and CEO positions, in addition to
other measures to improve the corporate governance of the
Company.
The Reporting Entities believe such measures will significantly improve
shareholder value for the benefit of the Company's stockholders. The Reporting
Entities have had preliminary discussions with members of the Company's
management team with respect to some of these measures and desire to discuss
each of them in further detail with the Company's management team and
independent members of the Company's Board of Directors.
Except as set forth in this Item 4, none of the Reporting Entities have
any present plans or proposals that relate to or would result in any of the
actions specified in clauses (a) through (j) of the instructions to Item 4 of
Schedule 13D. The Reporting Entities intend to review their investment in the
Company on a continuing basis. Depending on various factors including, without
limitation, the willingness of the Company's management team and Board of
Directors to meet with and consider the suggestions of the Reporting Entities,
the Company's financial position and business strategy, the price levels of the
shares of Common Stock, conditions in the securities markets and general
economic and industry conditions, the Reporting Entities may in the future take
such actions with respect to their investment in the Company as they deem
appropriate including, without limitation, seeking Board representation, making
proposals to the Company concerning changes to the capitalization, ownership
structure or operations of the Company, purchasing additional shares of Common
Stock, selling some or all of their shares of Common Stock and/or changing their
intention with respect to any and all matters referred to in this Item 4.
Item 5. Interest in Securities of the Issuer.
(a) As of February 23, 2007, Barington Companies Equity Partners, L.P.
beneficially owns an aggregate of 422,443 shares of Common Stock, representing
approximately 1.42% of the shares of Common Stock presently outstanding based
upon the 29,845,689 shares of Common Stock reported by the Company to be issued
and outstanding as of January 31, 2007 in its Form 10-Q filed with the
Securities and Exchange Commission on February 9, 2007 (the "Issued and
Outstanding Shares").
As of February 23, 2007, Barington Investments, L.P. beneficially owns
300,939 shares of Common Stock, representing approximately 1.01% of the Issued
and Outstanding Shares. As of February 23, 2007, Benchmark Opportunitas Fund plc
beneficially owns 70,238 shares of Common Stock, representing approximately
0.24% of the Issued and Outstanding Shares. As of February 23, 2007, Barington
Companies Offshore Fund, Ltd. beneficially owns 720,464 shares of Common Stock,
representing approximately 2.41% of the Issued and Outstanding Shares. As the
general partner of Barington Companies Equity Partners, L.P., Barington
Companies Investors, LLC may be deemed to beneficially own the 422,443 shares of
Common Stock beneficially owned by Barington Companies Equity Partners, L.P.,
representing approximately 1.42% of the Issued and Outstanding Shares. As the
general partner of Barington Investments, L.P., Barington Companies Advisors,
LLC may be deemed to beneficially own the 300,939 shares of Common Stock
beneficially owned by Barington Investments, L.P., representing approximately
1.01% of the Issued and Outstanding Shares. As the investment advisor to
Benchmark Opportunitas Fund plc, Barington Offshore Advisors, LLC may be deemed
to beneficially own the 70,238 shares of Common Stock beneficially owned by
Benchmark
Page 17 of 26 Pages
Opportunitas Fund plc, representing approximately 0.24% of the Issued and
Outstanding Shares. As the investment advisor to Barington Companies Offshore
Fund, Ltd., Barington Offshore Advisors II, LLC may be deemed to beneficially
own the 720,464 shares of Common Stock beneficially owned by Barington Companies
Offshore Fund, Ltd., representing approximately 2.41% of the Issued and
Outstanding Shares. As the majority member of Barington Companies Advisors, LLC,
Barington Companies Investors, LLC, Barington Offshore Advisors, LLC and
Barington Offshore Advisors II, LLC, Barington Capital Group, L.P. may be deemed
to beneficially own the 422,443 shares of Common Stock beneficially owned by
Barington Companies Equity Partners, L.P., the 300,939 shares of Common Stock
beneficially owned by Barington Investments, L.P., the 70,238 shares of Common
Stock beneficially owned by Benchmark Opportunitas Fund plc and the 720,464
shares of Common Stock beneficially owned by Barington Companies Offshore Fund,
Ltd., constituting an aggregate of 1,514,084 shares, representing approximately
5.07% of the Issued and Outstanding Shares. As the general partner of Barington
Capital Group, L.P., LNA Capital Corp. may be deemed to beneficially own the
422,443 shares of Common Stock beneficially owned by Barington Companies Equity
Partners, L.P., the 300,939 shares of Common Stock beneficially owned by
Barington Investments, L.P., the 70,238 shares of Common Stock beneficially
owned by Benchmark Opportunitas Fund plc and the 720,464 shares of Common Stock
beneficially owned by Barington Companies Offshore Fund, Ltd., constituting an
aggregate of 1,514,084 shares of Common Stock, representing approximately 5.07%
of the Issued and Outstanding Shares. As the sole stockholder and director of
LNA Capital Corp., James A. Mitarotonda may be deemed to beneficially own the
422,443 shares of Common Stock beneficially owned by Barington Companies Equity
Partners, L.P., the 300,939 shares of Common Stock beneficially owned by
Barington Investments, L.P., the 70,238 shares of Common Stock beneficially
owned by Benchmark Opportunitas Fund plc and the 720,464 shares of Common Stock
beneficially owned by Barington Companies Offshore Fund, Ltd., constituting an
aggregate of 1,514,084 shares of Common Stock, representing approximately 5.07%
of the Issued and Outstanding Shares. Mr. Mitarotonda has sole voting and
dispositive power with respect to the 422,443 shares of Common Stock
beneficially owned by Barington Companies Equity Partners, L.P., the 300,939
shares of Common Stock beneficially owned by Barington Investments, L.P., the
70,238 shares of Common Stock beneficially owned by Benchmark Opportunitas Fund
plc and the 720,464 shares of Common Stock beneficially owned by Barington
Companies Offshore Fund, Ltd. Mr. Mitarotonda disclaims beneficial ownership of
any such shares except to the extent of his pecuniary interest therein.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing it for
supplemental informational purposes only.
(b) Each of the Reporting Entities may be deemed to have sole voting and
dispositive power over the shares of Common Stock reported as beneficially owned
by such person by virtue of their respective positions as described in paragraph
(a).
Except as set forth above, each of the other Reporting Entities may be
deemed to have sole voting and dispositive power with respect to the shares each
reports as beneficially owned by such person, regardless of the fact that
multiple Reporting Entities within the same chain of ownership report sole
voting and dispositive power with respect to such shares. Each such Reporting
Entity reports sole voting and dispositive power with respect to such shares
based on such person's relationship to the other Reporting Entities within the
same chain of ownership.
Page 18 of 26 Pages
Except to the extent expressly stated herein, each Reporting Entity disclaims
beneficial ownership of any shares of Common Stock beneficially owned by any
other Reporting Entity.
(c) Information concerning all transactions in shares of Common Stock
effected by the Reporting Persons during the past sixty days are described in
Schedule IV attached hereto and incorporated herein by reference.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding or Relationships With Respect
to Securities of the Issuer.
Barington Companies Advisors, LLC is compensated for its services as the
general partner of Barington Investments, L.P. by an affiliate of Millennium
Partners, L.P., the limited partner of Barington Investments, L.P., pursuant to
a separate agreement.
Barington Offshore Advisors, LLC is compensated for its services as the
investment advisor of Benchmark Opportunitas Fund plc by the manager of such
fund pursuant to a separate agreement.
Item 7. Material to be Filed as Exhibits.
Exhibit No. Exhibit Description Page
----------- ------------------- ----
99.1 Agreement of Joint Filing among Barington Companies 25 to 26
Equity Partners, L.P., Barington Companies Investors,
LLC, Barington Investments, L.P., Barington Companies
Advisors, LLC, Benchmark Opportunitas Fund plc,
Barington Offshore Advisors, LLC, Barington Companies
Offshore Fund, Ltd., Barington Offshore Advisors II,
LLC, Barington Capital Group, L.P., LNA Capital Corp.
and James A. Mitarotonda dated February 26, 2007.
Page 19 of 26 Pages
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: February 26, 2007
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
By: Barington Companies Investors, LLC,
its general partner
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES INVESTORS, LLC
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON INVESTMENTS, L.P.
By: Barington Companies Advisors, LLC,
its general partner
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES ADVISORS,
LLC
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
BENCHMARK OPPORTUNITAS FUND PLC
By: Barington Offshore Advisors, LLC
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
Page 20 of 26 Pages
BARINGTON OFFSHORE ADVISORS, LLC
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES OFFSHORE FUND, LTD.
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: President
BARINGTON OFFSHORE ADVISORS II, LLC
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON CAPITAL GROUP, L.P.
By: LNA Capital Corp., its general
partner
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: President and CEO
LNA CAPITAL CORP.
By: /s/ James A. Mitarotonda
--------------------------------------
Name: James A. Mitarotonda
Title: President and CEO
/s/ James A. Mitarotonda
-----------------------------------------
James A. Mitarotonda
Page 21 of 26 Pages
SCHEDULE I
Directors of Benchmark Opportunitas Fund plc
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
Sebastian E. Cassetta Senior Managing Director and 888 Seventh Avenue
Director Chief Operating Officer of 17th Floor
Barington Capital Group, L.P. New York, NY 10019
Jim Cleary Principal of Cleary Oriel, 25 Revington Park,
Director Consulting North Circular Road,
Limerick, Ireland
Andreas Jeschko Chief Executive Officer of 23 Regent House,
Director BenchmarkAdvisory Limited Bisazza Street, SLM15,
and Benchmark Capital Sliema, Malta
Management GmbH
Karin Kisling Chief Investment Officer of 23 Regent House,
Director Benchmark Advisory Limited Bisazza Street, SLM15,
Sliema, Malta
Carl O'Sullivan Partner, Arthur Cox Earlsfort Centre
Director Earlsfort Terrace
Dublin 2
Ireland
Page 22 of 26 Pages
SCHEDULE II
Directors and Officers of Barington Companies Offshore Fund, Ltd.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
James A. Mitarotonda Chairman and Chief Executive 888 Seventh Avenue
Director Officer of Barington Capital 17th Floor
and President Group, L.P. New York, NY 10019
Sebastian E. Cassetta Senior Managing Director and 888 Seventh Avenue
Director Chief Operating Officer of 17th Floor
Barington Capital Group, L.P. New York, NY 10019
Jonathan Clipper Managing Director of 7 Reid Street, Suite 108
Director Bedford Management Ltd. Hamilton HM11, Bermuda
Graham Cook Director/Manager, Corporate Bison Court
Director Services of Byson Financial P.O. Box 3460
Services, Ltd. Road Town, Tortola
British Virgin Islands
Citigroup Fund Fund Administration Washington Mall 1, 3rd Flr.
Services, Ltd. 22 Church Street
Secretary Hamilton HM11, Bermuda
Melvyn Brunt Chief Financial Officer of 888 Seventh Avenue
Treasurer Barington Capital Group, L.P. 17th Floor
New York, NY 10019
Page 23 of 26 Pages
SCHEDULE III
Officers of LNA Capital Corp.
Name and Position Principal Occupation Principal Business Address
----------------- -------------------- --------------------------
James A. Mitarotonda Chairman and Chief Executive 888 Seventh Avenue
President and CEO Officer of Barington Capital 17th Floor
Group, L.P. New York, NY 10019
Sebastian E. Cassetta Senior Managing Director and 888 Seventh Avenue
Secretary Chief Operating Officer of 17th Floor
Barington Capital Group, L.P. New York, NY 10019
Melvyn Brunt Chief Financial Officer of 888 Seventh Avenue
Treasurer Barington Capital Group, L.P. 17th Floor
New York, NY 10019
Page 24 of 26 Pages
SCHEDULE IV
This schedule sets forth information with respect to each purchase or sale
of Common Stock which was effectuated by a Reporting Entity during the past 60
days. All transactions were effectuated in the open market through a broker.
Shares purchased by Barington Companies Equity Partners, L.P.
Number of
Date Shares Price Per Share Cost(*)
---- ----------- --------------- --------------
2/16/2007 1,336 $23.606 $31,537.62
Shares purchased by Barington Investments, L.P.
Number of
Date Shares Price Per Share Cost(*)
---- ----------- --------------- --------------
2/15/2007 11,915 $23.581 $280,967.62
2/16/2007 11,915 $23.606 $281,265.49
Shares purchased by Benchmark Opportunitas Fund plc
Number of
Date Shares Price Per Share Cost(*)
---- ----------- --------------- --------------
2/15/2007 1,670 $23.581 $39,380.27
2/16/2007 1,670 $23.606 $39,422.02
Shares purchased by Barington Companies Offshore Fund, Ltd.
Number of
Date Shares Price Per Share Cost(*)
---- ----------- --------------- --------------
2/15/2007 36,415 $23.581 $858,702.12
2/16/2007 35,079 $23.606 $828,074.87
----------
(*) Excludes commissions and other execution-related costs.