Forager Fund Escalates Activist Campaign, Publicly Criticizes Repay Board for Rejecting $4.80/Share Buyout Offer
RPAY sits 53% above its 52-week low of $2.3 on light trading volume (0.3× avg).
Summary
Activist investor Forager Fund, holding a 12.4% stake, has publicly criticized Repay Holdings' Board for refusing to engage on its non-binding all-cash offer to acquire the company for $4.80 per share, escalating a proxy battle.
Key Events · Ownership and Investor Activity · RPAY
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Activist Escalation
Forager Fund, a 12.4% owner, issued a public letter criticizing Repay's Board for refusing to discuss its $4.80 per share all-cash acquisition offer.
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Buyout Offer Details
The non-binding offer of $4.80 per share represents a 38.3% premium over the stock's closing price of $3.47 on May 15, 2026.
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Board Criticism
Forager questioned the Board's rationale for rejecting the offer, its rapid implementation of a poison pill, and its capital allocation decisions, specifically the $372 million KUBRA acquisition.
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Ongoing Proxy Battle
This filing marks a significant escalation in the ongoing activist campaign by Forager Fund and other investors against Repay's current management and strategic direction.
Analysis · RPAY · Trade & Services
Activist investor Forager Fund, a major shareholder, is publicly pressuring Repay's Board to engage on its $4.80 per share buyout offer, which represents a substantial premium to the current stock price. The public letter highlights deep disagreements over the company's valuation and strategic direction, particularly regarding the recent KUBRA acquisition. This escalation signals an intensifying proxy battle, potentially leading to further shareholder activism or a revised offer, and puts significant pressure on the Board to respond to shareholder demands for value creation.
At the time of this filing, RPAY was trading at $3.51 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $309.2M. The 52-week trading range was $2.30 to $6.06. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.