LCI Pitches ISS on Patrick Merger, Puts Standalone Value at $142-$165 vs Monomoy's $101
LCII sits 34% above its 52-week low of $77.58 on elevated volume (2.8× avg).
Summary
LCI presented its case to ISS for the November 18 Patrick merger vote, arguing Monomoy's $101 cash bid sits 29%-39% below a refreshed standalone DCF of $142-$165 per share, though that bid is now only ~0.3% below the deal-implied value of the Patrick exchange ratio.
Key Events · M&A and Partnerships · LCII
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Board Pitches ISS Ahead of Nov 18 Vote
LCI shared a presentation with Institutional Shareholder Services on November 4, 2026, urging a FOR vote on the all-stock Patrick merger at the November 18, 2026 stockholder meeting.
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Standalone DCF Cut to $142-$165
The updated October plan (WACC 9.25%-10.25%, exit 7.5x-8.5x) values LCI at $142-$165 per share, versus $186-$215 in the June fairness opinion, after 2026E Adj. EBITDA was trimmed to $428M from $493M.
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Monomoy's $101 Now Near Deal Value
The $101 cash bid is ~0.3% below the $101.26 deal-implied share price and ~0.8% below the $101.85 current price as of 11/03/2026, and implies ~$3.1B EV at ~6.9x NTM Adj. EBITDA.
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Merger Terms: 48% Ownership, $150M Synergies
LCI holders get 1.2440 Patrick shares each for ~48% of a combined company with $8.1B+ revenue, ~$1.0B pro forma Adj. EBITDA including ~$150M net run-rate cost synergies, and ~2.1x pro forma net leverage.
Analysis · LCII · Manufacturing
With the November 18 shareholder vote approaching, LCI is making its closing argument to proxy adviser ISS, and the number that matters is the refreshed standalone DCF: $142-$165 per share, down from $186-$215 in June but still 29%-39% above Monomoy's $101 cash bid. That gap underpins the board's case that the cash offer is opportunistic at the RV cycle trough. The counterweight: Monomoy's $101 now sits only about 0.3% below the deal-implied value of the Patrick exchange ratio ($101.26) and 0.8% below LCI's $101.85 share price, so the premium argument has narrowed sharply as Patrick's stock rose. The November 18 vote is the decision point, and ISS's recommendation will move the outcome.
How filings like this one have moved
In the 30 days to Nov 4, 2026, 41.6% of the 1192 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.37%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LCII was trading at $104.28 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $77.58 to $159.66. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.