REPAY Board Unanimously Rejects Forager Capital's $5.25 Buyout Bid
Repay Holdings' board shot down Forager Capital's revised $5.25-per-share takeover offer, calling it unsolicited and non-binding.
Repay Holdings Corporation (NASDAQ: RPAY) announced Monday that its board of directors unanimously rejected a revised, unsolicited takeover proposal from Forager Capital Management, LLC, a current stockholder of the Atlanta-based payment technology company. Forager had offered $5.25 per share in cash for all outstanding REPAY shares — a non-binding bid the board wasted no time dismissing.
The board acted in line with its fiduciary duties to shareholders when it evaluated and turned down Forager's latest overture. The decision was unanimous, signaling strong unified opposition among directors to the terms Forager put forward. The proposal was described as unsolicited, meaning REPAY had not invited or encouraged the approach.
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REPAY positions itself as a leading provider of bill payment solutions, serving a range of industries through integrated payment technology. The company's board rejection suggests directors believe the $5.25-per-share figure does not adequately reflect the company's value or long-term prospects, though REPAY has not publicly detailed its full rationale beyond citing fiduciary responsibilities.
Forager Capital's role as an existing stockholder adds a layer of complexity to the standoff — the firm has an insider's view of REPAY's operations yet still failed to win board support for its acquisition terms. Whether Forager will escalate the effort, revise its offer again, or pursue other avenues remains to be seen, making this a developing corporate governance situation worth watching closely.
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