LCI Industries (NYSE: LCII) announced on November 10, 2026, that its Board of Directors unanimously determined that a revised unsolicited proposal from Monomoy Capital Partners does not constitute a superior offer. The proposal offered $104.50 per share in cash.
The Board, in consultation with outside financial and legal advisors, concluded that the Monomoy proposal substantially undervalues LCI both on a standalone basis and relative to the value of its pending merger with Patrick Industries (NASDAQ: PATK). LCI reiterated its commitment to the Patrick transaction, which it entered into on June 30, 2026.
According to the company’s evaluation, the Monomoy offer carries little premium over LCI’s share price. The Board noted that LCI shares traded above $104.50 intraday on November 5, 2026, the day before Monomoy submitted the revised proposal. The Board also highlighted that its conservative long-range plan implies an intrinsic value exceeding $150 per share, materially higher than Monomoy’s offer.
The Board argued that Monomoy’s valuation relies on a trough price of $83.15 per share, which occurred on October 21, 2026. Measured against a fair reference price, the offer represents approximately a 4% premium to the unaffected closing price on June 29, 2026, the day before the Patrick merger was announced.
LCI emphasized that the combination with Patrick is supported by independent proxy advisory firms, Institutional Shareholder Services and Glass Lewis, which have recommended shareholders vote in favor of the transaction. The companies remain on track to complete the merger in the first half of 2027, subject to shareholder and regulatory approvals.
LCI’s Special Meeting of Shareholders is scheduled for November 18, 2026.
