LCI Industries confirmed that its board will evaluate the Monomoy proposal to satisfy fiduciary obligations, though the company continues to recommend that shareholders support the all-stock merger with Patrick Industries announced in June. Under the terms of that original agreement, Patrick shareholders are set to control 52% of the combined entity, with LCI investors holding the remaining 48% stake.

Patrick Industries acknowledged the rival bid while maintaining its commitment to the existing deal. Monomoy Capital, a private investment firm managing over $6 billion in assets, has yet to detail how it intends to navigate the current merger contract. LCI stock reached $98.01 in early trading following the announcement, reflecting investor anticipation of a possible shift in the company’s trajectory.