Forager Capital Slams Repay Board for Rejecting $4.80/Share All-Cash Takeover Bid
Summary
Activist investor Forager Capital, a 12.4% owner, issued a second open letter to Repay stockholders, publicly criticizing the board for rejecting its $4.80 per share all-cash acquisition proposal. This follows Forager's non-binding offer made on April 17th and its recent 13D/A filing reiterating the criticism. The activist investor believes the $4.80 offer, a substantial premium to the current $3.75 stock price, represents a superior outcome for shareholders. This escalates the ongoing governance concerns and proxy battle, putting significant pressure on Repay's board.
At the time of this announcement, RPAY was trading at $3.75 on NASDAQ in the Finance sector, with a market capitalization of approximately $330.3M. The 52-week trading range was $2.30 to $6.06. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.