Patrick Industries Reaffirms Merger With LCI Industries Amid Rival Bid

Patrick Industries Inc. reaffirmed its commitment to an all-stock merger with LCI Industries following an unsolicited, nonbinding acquisition proposal submitted to LCI by Monomoy Capital Partners. The merger is intended to establish a combined component solutions provider serving the transportation, housing, and outdoor enthusiast markets.

LCI Industries reported that its Board of Directors must evaluate the proposal from the private equity firm to satisfy fiduciary duties. However, the board maintained its existing recommendation to proceed with the merger with Patrick Industries. Financial terms of the Monomoy Capital Partners proposal were not disclosed.

Patrick Industries filed a registration statement with the Securities and Exchange Commission on October 15, which became effective on October 19. Joint proxy statements were mailed to shareholders around that date. The transaction remains subject to shareholder approval and regulatory clearance.