Patrick Industries reaffirms LCI merger amid rival bid

Patrick Industries Inc. has reaffirmed its commitment to its merger agreement with LCI Industries despite receiving an unsolicited acquisition proposal from Monomoy Capital Partners. The companies announced their all-stock merger agreement earlier this year to create a component solutions provider for outdoor enthusiast, housing, and transportation markets.

LCI's Board of Directors stated it has a responsibility to evaluate the proposal but has not changed its recommendation in support of the Patrick merger. The merger remains subject to shareholder approval and regulatory clearance, and a timeline for completion or financial terms of the Monomoy proposal have not been disclosed.

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