LCI Rejects Monomoy’s $2.5 Billion Bid, Backs Patrick Merger

The company said Tuesday that its board reviewed the offer with financial and legal advisers. Monomoy, a Greenwich, Conn.-based middle-market investment firm with more than $6 billion in assets under management, initially offered $101 a share late last month before raising its bid to $104.50.

LCI and Patrick, both based in Elkhart, Ind., agreed in June to combine in an all-stock transaction. Under the deal, LCI shareholders would own roughly 48% of the combined company. LCI shareholders are scheduled to vote on the merger on Nov. 18.

LCI shares were recently up 0.9% at $102 in premarket trading.