Repay Holdings Corporation (NASDAQ: RPAY) announced that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Forager Capital Management, LLC, a stockholder of the company, to acquire all outstanding shares for $4.80 per share in cash.
The Board’s decision followed a comprehensive review, conducted in consultation with its financial and legal advisors, which concluded that the proposal significantly undervalues the company. Consequently, the Board determined the offer was not in the best interests of its stockholders.
REPAY, a provider of integrated payment processing solutions, stated its commitment to executing its strategic plan and maximizing long-term stockholder value. The company’s proprietary, integrated payment technology platform aims to simplify electronic payments for clients and enhance the overall experience for consumers and businesses in various vertical markets. Stockholders are not required to take any action at this time.
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P. Morgan Securities LLC served as the financial advisor to REPAY, while Troutman Pepper Locke LLP and Sullivan & Cromwell LLP acted as legal counsel.
