Patrick Files S-4 for LCI Merger: $2.3B All-Stock Deal, 200M Authorized Shares, $150M Synergies
PATK is trading near its 52-week low of $68.44 (1.1% above the low).
Summary
Patrick Industries filed its S-4 registration statement for the all-stock merger with LCI Industries, quantifying the deal at $2.34 billion with 52%/48% ownership split, $150 million in expected synergies, and a required increase in authorized shares to 200 million.
Key Events · M&A and Partnerships · PATK
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S-4 Filed for $2.34B All-Stock Merger
The Form S-4 registration statement was filed on September 23, 2026, registering the shares to be issued to LCI stockholders. Estimated merger consideration is $2.342 billion based on 30,243,515 Patrick shares at $69.92 per share (as of September 17, 2026).
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Ownership Split: 52% Patrick / 48% LCI
Post-merger, Patrick shareholders will own approximately 52% and LCI stockholders approximately 48% of the combined company, based on the fixed exchange ratio of 1.2440 Patrick shares per LCI share.
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Authorized Share Increase to 200M Required
Patrick shareholders must approve an increase in authorized common stock from 60,000,000 to 200,000,000 shares (plus 1,000,000 preferred) to complete the merger. This is a condition to closing.
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$150M Annual Synergies, $8.1B Pro Forma Revenue
The combined company is expected to generate approximately $150 million of annual net run-rate cost synergies within three years, with pro forma revenue of $8.1 billion, adjusted EBITDA of $1.0 billion, and free cash flow of $508 million (trailing March 2026).
Analysis · PATK · Manufacturing
The S-4 registration statement for the all-stock merger with LCI Industries has been filed, quantifying the deal economics for the first time. The merger consideration is valued at approximately $2.34 billion, based on 30.2 million Patrick shares to be issued at $69.92 per share, with Patrick shareholders owning 52% and LCI stockholders 48% of the combined company. The combined entity would generate pro forma revenue of $8.1 billion and $1.0 billion of adjusted EBITDA, with $150 million of annual net run-rate cost synergies expected within three years. To complete the deal, Patrick shareholders must approve an increase in authorized common stock from 60 million to 200 million shares. The merger is expected to close in the first half of 2027, subject to shareholder votes and regulatory approvals, with a $94.2 million termination fee and an outside date of March 30, 2027 (extendable to September 30, 2027). This filing moves the merger from announcement to execution phase, providing the detailed financial and governance terms investors need to evaluate the transaction.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 36.3% of the 1065 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. 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, PATK was trading at $69.18 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $68.44 to $148.50. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.