TopBuild Terminates Agreement To Acquire Specialty Products And Insulation

(RTTNews) - TopBuild Corp. (BLD) announced the mutual termination of its agreement to acquire Specialty Products and Insulation. Effective April 22, 2024, the companies withdrew their Hart-Scott Rodino filings. TopBuild paid a termination fee of $23 million.

Robert Buck, President and CEO of TopBuild, stated that over recent months, the company has cooperatively explored alternatives, aligned with the Department of Justice's narrow view of the metal building insulation (MBI) business. However, as the parties couldn't reach mutually acceptable terms, both parties agreed to terminate the transaction.

In July 2023, TopBuild agreed to acquire Specialty Products & Insulation in an all-cash transaction valued at $960 million.