Monomoy makes $101-a-share bid for LCI, challenging Patrick merger

LCI Industries confirmed an unsolicited, non-binding proposal from Monomoy Capital Partners to buy it for $101 per share in cash. LCI agreed in June to an all-stock merger with Patrick Industries; its board says it has not changed its recommendation of that deal. Patrick reaffirmed the merger agreement and said it will monitor developments.

Why it matters: A cash interloper puts pressure on an agreed all-stock combination of two major RV and outdoor component suppliers.