Monitor the outcome of the DOJ's second request and the shareholder votes on November 18, 2026. The fixed exchange ratio means the deal value fluctuates with Patrick's stock price, so track PATK's price relative to LCII for arbitrage opportunities.
Price Chart
Executive Summary
Patrick Industries filed Amendment No. 1 to its S-4 registration statement, which includes a joint proxy statement/prospectus for the proposed all-stock merger of equals with LCI Industries. Under the merger agreement, each LCI share will be exchanged for 1.2440 shares of Patrick common stock, with Patrick shareholders expected to own ~52% and LCI stockholders ~48% of the combined company. The special meetings for both companies' shareholders to vote on the merger are scheduled for November 18, 2026, and the merger is expected to close in the first half of 2027, subject to regulatory and shareholder approvals.
Key Facts
- Each LCI share will be converted into 1.2440 shares of Patrick common stock (fixed exchange ratio).
- Patrick shareholders expected to own ~52% and LCI stockholders ~48% of the combined company.
- Special meetings scheduled for November 18, 2026 for both Patrick and LCI shareholders.
- Merger expected to close in the first half of 2027.
- Termination fee of $94,200,000 payable by either party under certain circumstances.
- LCI had ~$853 million of outstanding indebtedness as of June 30, 2026.
- Patrick had ~$150 million of net annual run-rate cost synergies expected within three years.
- Combined company board will have 12 directors (6 from each company).
- Patrick's 2025 net sales: $3,951 million; LCI's 2025 net sales: $4,122 million.
- DOJ issued a second request under HSR Act on October 9, 2026, extending the waiting period.
Financial Impact
All-stock merger of equals with no cash consideration; Patrick to issue ~30.2 million shares to LCI stockholders; termination fee of $94.2 million; ~$150 million in annual run-rate cost synergies expected within three years.
Risk Factors
- Regulatory delay or failure to obtain antitrust clearance (DOJ second request issued).
- Shareholder approval not obtained at either special meeting.
- Integration risk and failure to achieve projected synergies.
- Fixed exchange ratio exposes LCI stockholders to Patrick stock price decline.
- Potential litigation related to the merger.
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4/A Filing (Primary) | 0001628280-26-066001 |
| Exhibit: exhibit81-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit994-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit991-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit992-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit995-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit234-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit993-sx4a1.htm | 0001628280-26-066001 |
| Exhibit: exhibit233-sx4a1.htm | 0001628280-26-066001 |
| Document: 0001628280-26-066001-index-headers.html | 0001628280-26-066001 |
| Document: 0001628280-26-066001-index.html | 0001628280-26-066001 |
| Document: 0001628280-26-066001.txt | 0001628280-26-066001 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 425 | $68.86 | awaiting T+20 | — | $72.13 (+4.75%) |
Oct 20, 2026 7d ago | EFFECT | $66.86 | awaiting T+20 | — | $72.13 (+7.88%) |
Oct 19, 2026 7d ago | 425 | $66.86 | awaiting T+20 | — | $72.13 (+7.88%) |
Oct 15, 2026 11d ago | Press Release | $68.04 | awaiting T+20 | — | $72.13 (+6.01%) |
Oct 15, 2026 11d ago | S-4/A | $68.04 | awaiting T+20 | — | $72.13 (+6.01%) |
Oct 13, 2026 13d ago | 425 | $63.31 | awaiting T+20 | — | $72.13 (−13.93%) |
Oct 13, 2026 13d ago | 8-K | $63.31 | awaiting T+20 | — | $72.13 (−13.93%) |
Oct 8, 2026 19d ago | SC 13G | $65.07 | awaiting T+20 | — | $72.13 (+10.85%) |
Sep 23, 2026 4w ago | S-4 | $67.76 $70.27 | ▲ +3.70% | ▲ +4.12% | $72.13 (+6.45%) |
Aug 14, 2026 10w ago | Press Release | $86.06 $72.98 | ▼ −15.20% | ▼ −13.21% | $72.13 (−16.19%) |
US Market Status
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