Forager Capital offers to buy payment processor Repay at $5.25 per share in an unsolicited cash proposal under board evaluation.
Repay Holdings Corporation (NASDAQ:RPAY) confirmed receipt of a non-binding proposal from Forager Capital Management to acquire all outstanding shares for $5.25 each in cash. The board is reviewing the unsolicited offer with legal and financial advisors to assess its alignment with fiduciary duties.
The proposed price represents a premium to Repay’s recent trading levels. Forager Capital, an existing shareholder, submitted the revised bid on June 29. Repay’s board has not yet determined whether to engage further or pursue alternative strategies.
Repay provides integrated payment solutions across consumer and business segments, including auto finance and B2B transactions. JPMorgan Securities is advising on financial matters, while Troutman Pepper Locke and Sullivan & Cromwell handle legal counsel.