Installed Building Products, Inc. (the "Company") has entered into a share repurchase agreement with PJAM IBP Holdings, Inc. (the "Selling Stockholder") to purchase 150,000 shares of common stock at a price of $250.96 per share, totaling an "Aggregate Purchase Price" of $37,644,000. The closing of the transaction is scheduled to take place on the next business day following the agreement date.
The selling stockholder has represented that it owns all right, title, and interest in the shares being sold and that there are no pending or threatened legal actions against them that would prevent the transaction from being completed.
The company has represented that it is duly organized, validly existing, and in good standing, with the requisite power and authority to enter into the agreement. The company has also stated that there are no pending or threatened legal actions against the company or its affiliates that would prevent the transaction from being completed.
The agreement can be terminated by mutual consent of both parties or by either party if there is a court order in effect or a governmental proceeding pending or threatened that questions the validity of the transaction or prohibits its completion.
This share repurchase agreement reflects the Company's strategic decision to buy back its own shares and could have a significant impact on its financial position and capital structure. The market has reacted to these announcements by moving the company's shares 1.1% to a price of $261.58. For the full picture, make sure to review Installed Building Products's 8-K report.
