LCI Industries board finds Monomoy takeover offer not superior
PATK•LCI Industries’ board unanimously rejected Monomoy Capital Partners’ $101-per-share cash proposal as not superior to its planned merger with Patrick Industries, citing a standalone valuation midpoint above $150 per share. The companies expect about $150 million in annual cost synergies within three years of closing, which remains on track for the first half of 2027, subject to approvals and other conditions.
1. Board backs planned merger
LCI Industries’ board unanimously determined that Monomoy Capital Partners’ $101-per-share cash acquisition proposal was not superior to the planned merger with Patrick Industries. The board said the proposal substantially undervalued LCI, citing a standalone discounted cash flow valuation midpoint exceeding $150 per share, and maintained its support for the Patrick merger, which it said offers greater value through ownership in the combined company.
2. Closing timeline and synergies
The combination is expected to generate approximately $150 million in net annual cost synergies within three years of closing. Completion remains on track for the first half of 2027, subject to shareholder approvals and other closing conditions.
