Lippert Receives Unsolicited, Nonbinding Proposal; Patrick Reaffirms Merger Agreement
LCI Industries, a leading supplier of engineered components to the recreation and transportation markets, confirmed that it has received an unsolicited, nonbinding proposal from Monomoy Capital Partners to acquire LCI for $101 per share in cash.
As announced on June 30, LCI entered into a definitive agreement to combine with Patrick Industries in an all-stock merger to form a premier component solutions provider for the outdoor enthusiast, housing and transportation markets.
LCI’s existing merger agreement with Patrick remains in place, and the LCI board of directors continues to recommend in favor of the Patrick transaction. Consistent with its fiduciary duties, LCI’s board of directors, in consultation with its independent financial and legal advisors, has a responsibility to carefully evaluate Monomoy Capital Partners‘ proposal and will provide an update to shareholders in due course.
LCI shareholders are advised to take no action with respect to the Monomoy proposal at this time.
Perella Weinberg Partners LP is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to LCI Industries.
In a separate press release, Patrick Industries reaffirmed its agreement to combine with LCI Industries in an all-stock merger to form a premier component solutions provider for the outdoor enthusiast, housing and transportation markets.
Patrick was notified by LCI that it had received an unsolicited nonbinding proposal from Monomoy Capital Partners to acquire LCI, and consistent with its fiduciary duties, LCI’s board of directors has a responsibility to carefully evaluate the proposal. LCI stated that its board of directors has not changed its recommendation in support of LCI’s merger with Patrick.
Patrick said it will monitor this development as it continues to execute on its strategy and vision centered around an independent and diversified brand model in the outdoor enthusiast and housing markets.
