8-K - Installed Building Products, Inc. (0001580905) (Filer)

Wed, Aug 14, 8:37 PM (32 days ago)

On August 14, 2024, Installed Building Products, Inc. (IBP) announced a material definitive agreement under its stock buyback program. The company entered into a share repurchase agreement with PJAM IBP Holdings, Inc. for the acquisition of 100,000 shares of its common stock at a price of $206.90 per share, totaling $20,690,000. This price reflects a 3% discount from the last reported sales price on August 13, 2024. The repurchase will be funded using the company's cash reserves and has received approval from IBP's Board of Directors and Audit Committee. Notably, Jeff Edwards, the CEO, has beneficial ownership of the shares held by the stockholder. This strategic move is expected to impact the company’s financial position positively by reducing outstanding shares, potentially enhancing shareholder value. The full details of the agreement are available in the filed Exhibit 10.1.