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- Fairness Opinion Conflicts (new) — J.P. Morgan earned $6 million from LCI versus $100,000 from Patrick in the two years before its fairness opinion, creating a potential conflict.
- Audit Scope Limitation For Lci (new) — LCI excluded Freedman Seating's internal controls from its 2025 assessment, a notable audit scope limitation.
Patrick Industries to merge with LCI Industries in all-stock deal; LCI holders get 1.2440 Patrick shares each
Filed October 19, 2026 · ~1 min read
Key Changes
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high
Each LCI share converts into 1.2440 Patrick shares; based on Oct 16 close, per-share value was about $84.64.
The Offering view on EDGAR → -
high
Patrick expects to issue up to 30,244,221 shares, diluting existing holders; LCI's $460M convertible notes add further dilution risk.
Risk Factors verify on EDGAR → -
high
Combined company will carry about $2.25B in debt: Patrick $1.4B and LCI $853M as of mid-2026.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 20, 2026 · How we verify