TPG to Acquire Interface Inc. for $1.3 Billion
Ticker: TILE · Form: 8-K · Filed: Mar 13, 2024 · CIK: 715787
| Field | Detail |
|---|---|
| Company | Interface Inc (TILE) |
| Form Type | 8-K |
| Filed Date | Mar 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, private-equity
Related Tickers: TPG
TL;DR
Interface Inc. is being bought by TPG for $1.3B, deal expected to close Q2 2024.
AI Summary
Interface Inc. announced on March 13, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of TPG Inc. The transaction is valued at approximately $1.3 billion. This acquisition is expected to close in the second quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition by TPG Inc. signifies a major shift in ownership for Interface Inc., a publicly traded company, potentially impacting its strategic direction and operations.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until the deal is finalized.
Key Numbers
- $1.3B — Acquisition Value (Total amount TPG Inc. is paying for Interface Inc.)
Key Players & Entities
- Interface Inc. (company) — Company being acquired
- TPG Inc. (company) — Acquiring entity
- $1.3 billion (dollar_amount) — Valuation of the acquisition
- March 13, 2024 (date) — Date of the announcement
- second quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
Who is acquiring Interface Inc.?
An affiliate of TPG Inc. is acquiring Interface Inc.
What is the total value of the acquisition?
The acquisition is valued at approximately $1.3 billion.
When was the acquisition announced?
The acquisition was announced on March 13, 2024.
When is the acquisition expected to close?
The acquisition is expected to close in the second quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Filing Stats: 529 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-03-13 16:30:22
Key Financial Figures
- $0.10 — ange on Which Registered Common Stock, $0.10 Par Value Per Share TILE Nasdaq Global
Filing Documents
- tile-20240313.htm (8-K) — 29KB
- 0000715787-24-000009.txt ( ) — 150KB
- tile-20240313.xsd (EX-101.SCH) — 2KB
- tile-20240313_lab.xml (EX-101.LAB) — 21KB
- tile-20240313_pre.xml (EX-101.PRE) — 12KB
- tile-20240313_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On March 12, 2024, Christopher G. Kennedy was appointed Chairman of the Company's Board of Directors. Mr. Kennedy has served on the Company's Board of Directors since the year 2000, and he has served as Lead Independent Director since 2017. He succeeds Daniel T. Hendrix in the Chairman role. Mr. Hendrix will remain on the Board of Directors and serve as Chair of a newly formed board committee focused on innovation and sustainability. The information furnished pursuant to this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTERFACE, INC. By: /s/ David B. Foshee David B. Foshee Vice President Date: March 13, 2024