BuybackApr 28, 2026, 04:12 PM
FLXS Repurchases 1.28M Shares for $60.2M; Director Resigns
AI Summary
Flexsteel Industries, Inc. announced a privately negotiated agreement to repurchase approximately 1.28 million shares of its common stock from members of the Bertsch family for $60.2 million. The repurchase price of $47.00 per share represents a 2.5% discount to the closing share price on April 24, 2026, and the shares account for about 24% of outstanding common stock. The transaction, funded by cash and credit facility borrowings, aligns with the company's capital allocation strategy. Additionally, Brooks Bertsch will resign from the Board of Directors upon the transaction's closing.
Key Highlights
- FLXS to repurchase approximately 1.28 million shares of common stock.
- Aggregate purchase price is approximately $60.2 million.
- Repurchase price of $47.00 per share represents a 2.5% discount to the April 24, 2026 closing price.
- Shares represent approximately 24% of the Company's outstanding common stock.
- Transaction funded by existing cash and borrowings under the revolving credit facility.
- Brooks Bertsch will resign from Flexsteel's Board of Directors upon transaction close.