Installed Building Products Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
$IBP
Homebuilding
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On August 14, 2024, Installed Building Products, Inc. (the “Company”), as part of the Company’s previously announced stock buyback program, entered into a share repurchase agreement (the “Share Repurchase Agreement”) with PJAM IBP Holdings, Inc. (the “Stockholder”) for the purchase of 100,000 shares of its common stock, par value $0.01 per share, of the Company (the “Common Stock”) in a privately-negotiated transaction (the “Share Repurchase”).
Jeff Edwards, our Chief Executive Officer, has beneficial ownership of the shares held by the Stockholder, an Edwards family entity.
The price per share for the Share Repurchase equals $206.90, which was the last reported sales price of the Company’s Common Stock on August 13, 2024, less a discount of 3%, for a total purchase price of $20,690,000. The repurchase will be funded from the Company’s cash on hand. The Share Repurchase was approved by the Company's Board of Directors and Audit Committee.
The foregoing description is qualified in its entirety by reference to the full text of the Share Repurchase Agreement, which is filed as Exhibit 10.1, to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. | Description | |||||||
Share Repurchase Agreement, dated August 14, 2024, by and between Installed Building Products, Inc. and PJAM IBP Holdings, Inc. | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 14th day of August, 2024.
| INSTALLED BUILDING PRODUCTS, INC. | |||||
By: | /s/ Michael T. Miller | ||||
Name: | Michael T. Miller | ||||
Title: | Chief Financial Officer | ||||