LCI Industries (NYSE: LCII) announced on October 30, 2026, that its Board of Directors has unanimously determined that an unsolicited, non-binding proposal from Monomoy Capital Partners to acquire the company for $101 per share in cash does not constitute a superior proposal.
The Board, in consultation with outside financial and legal advisors, concluded that the Monomoy proposal is not reasonably likely to lead to a superior proposal. The directors determined that the offer substantially undervalues the company. According to an updated long-range plan that reflects prevailing headwinds in the Recreational Vehicle (RV) industry, the valuation analysis of LCI on a standalone basis implies a midpoint discounted cash flow value in excess of $150 per share.
The Board also compared the Monomoy proposal against the value creation opportunity of the combination with Patrick Industries (NASDAQ: PATK). They determined that Monomoy’s offer is materially below the implied value of LCI’s shareholders in the combined company. The Patrick merger is expected to generate approximately $150 million of net run-rate cost synergies within three years of closing.
LCI and Patrick are continuing to make progress toward closing the transaction. The companies remain on track to complete the merger in the first half of 2027, subject to shareholder approval, regulatory approvals, and the satisfaction of customary closing conditions.
The LCI Board of Directors continues to recommend that shareholders vote “FOR” the Patrick merger at the Special Meeting scheduled for November 18, 2026.
