Installed Building Products, Inc. (IBP) has entered into a Share Repurchase Agreement with PJAM IBP Holdings, Inc., to purchase 150,000 shares of its common stock at a Purchase Price of $250.96 per share. The transaction is set to be completed on the next Business Day following the agreement date, with the Selling Stockholder delivering the shares and the company making the payment via wire transfer.
The Selling Stockholder represented that it owns all right, title, and interest in the shares being sold and that there are no pending or threatened actions against them that could prevent the transaction. On the other hand, the company represented that it has the authority to enter into the agreement and that there are no pending legal proceedings that could affect the transaction.
The agreement can be terminated by mutual consent at any time before the closing, or by either party if a court order is in effect or if there are pending or threatened legal proceedings that question the validity of the transaction.
This agreement represents a significant move for IBP, as it will affect its outstanding shares and potentially its stock price. The company's decision to repurchase shares at a price of $250.96 per share indicates its confidence in the current and future performance of the business. Today the company's shares have moved 3.85% to a price of $270.19. If you want to know more, read the company's complete 8-K report here.
