TopBuild Corp. recently revealed that its previously agreed acquisition of Specialty Products and Insulation has been mutually terminated. The withdrawal was formalized on April 22, 2024, and in consequence, TopBuild had to pay a termination fee of $23 million.
Robert Buck, the President and CEO of TopBuild, explained that they have been actively seeking alternatives in recent months that comply with the Department of Justice's specific interpretation of the metal building insulation (MBI) industry. However, after failing to find terms that were acceptable to both parties, they decided to terminate the transaction.
It's worth noting that back in July 2023, TopBuild had agreed to buy Specialty Products & Insulation in a cash-only deal valued at $960 million.
