Forager Offers $5.25/Share Cash Bid for Repay Holdings
RPAY sits 74% above its 52-week low of $2.3 on light trading volume (0.3× avg).
Summary
Forager Fund, the largest shareholder with a 12.4% stake, made a formal all-cash offer to acquire all outstanding shares of Repay Holdings at $5.25 per share, a 31% premium to the $4.00 stock price. The bid values the company at approximately $449 million, a significant premium over the $342 million market cap. The offer followed months of activist pressure, including Forager's public criticism of the board for rejecting a prior lower bid and its decision to withhold votes at the upcoming annual meeting. Repay Holdings has rejected the revised unsolicited proposal from Forager Capital.
At the time of this announcement, RPAY was trading at $4.00 on NASDAQ in the Finance sector, with a market capitalization of approximately $341.8M. 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 8 out of 10. Source: Dow Jones Newswires.