LCI board rejects Monomoy's revised $104.50/share bid as not superior; reaffirms Patrick merger ahead of Nov 18 vote

LCI INDUSTRIES

• Monomoy Capital Partners' revised unsolicited, non-binding proposal of $104.50 per share in cash, received late on Nov 6, 2026, was unanimously deemed not a superior proposal by LCI's board.
• Board says $104.50 is only ~4% above LCI's June 29 close and ~7% over its 10-day VWAP as of Nov 6; LCI traded above $104.50 intraday on Nov 5.
• Updated standalone DCF implies a midpoint above $150 per share (range $142-$165); Monomoy's bid values LCI at ~7.2x NTM EBITDA vs a 7.8x-8.5x three-year average.
• LCI reiterates support for the Patrick Industries (PATK) merger, citing ~$150M of net run-rate cost synergies within three years and a closing on track for the first half of 2027.
• ISS and Glass Lewis recommend voting FOR the Patrick deal at the special meeting on Nov 18, 2026; Monomoy's second proposal was just a 3.5% bump to its initial offer.