BUZZ-Patrick Industries slumps on all-stock merger plan with LCI

LCI Industries
Patrick Industries, Inc.

LCI Industries

LCII

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Patrick Industries, Inc.

PATK

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** Patrick Industries PATK.O slumps 10% to $83.84, RV components supplier LCI Industries LCII.N rises 2.6% to $103.75

** Cos announce plan for an all-stock merger deal

** Shareholders to receive 1.24 shares of PATK for each LCII share

** Patrick shareholders to own ~52% of the combined co; LCI shareholders to own ~48%

** Deal implies ~7% premium to PATK's shares when it was first reported on April 17 and about 15% to stock's last close

** LCII to pay PATK termination fee of $94.2 million if merger is terminated in specific circumstances

** Deal to close in first half of 2027

** Including session's moves, LCII down 15.8% YTD, while PATK is down 20.8%