Lci Industries (LCII) · Oct 13, 2026 · Acquisition
DOJ second request — HSR waiting period extends 30 days after substantial compliance
LCI Industries disclosed a DOJ second request in its merger with Patrick, extending regulatory review and raising delay risk without ending the deal.
LCI is a large component supplier using its RV base to expand across transportation, marine, housing, and aftermarket markets. It generated $4.1 billion of 2025 sales and operates more than 100 manufacturing facilities, so the proposed combination with Patrick is a strategic consolidation of two overlapping industry platforms rather than a small portfolio move.
The filing adds a real regulatory hurdle to a deal whose strategic direction was already known. LCI and Patrick had already announced the all-stock merger, expected to create more than $150 million of annual run-rate synergies and close in the first half of 2027. The new information is that the DOJ has issued a Second Request for additional information and documents: 〔0〕
That makes the near-term deal path slower and less certain, but does not by itself signal that the merger is failing. The request extends the HSR waiting period until 30 days after both companies substantially comply, unless the DOJ ends or otherwise extends the review: 〔1〕 The parties say they will continue cooperating, and the filing still describes closing as subject to regulatory approval rather than termination.
The next process milestone is now regulatory and proxy execution, not operating performance. The S-4 and preliminary joint proxy were filed on September 23 but were not yet effective; once effective, the companies intend to mail definitive materials and seek shareholder approvals. The Second Request raises the chance that closing takes longer than the previously targeted first half of 2027, although the filing gives no indication that the transaction terms or anticipated ownership split have changed.
Bottom line: This is a new antitrust complication for an otherwise already-public merger. It weakens the certainty and timing of the transaction, but leaves the strategic combination intact for now.
DOJ review; S-4 effectiveness and definitive proxy mailing
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