LCI Industries yesterday disclosed the receipt of an unsolicited, non-binding proposal from Monomoy Capital Partners to acquire LCI for $101 per share in cash.
As announced 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,” LCI stated in a press release. “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.”
According to the release, “LCI shareholders are advised to take no action with respect to the Monomoy proposal at this time.”
