The board’s decision marks the second time Repay has dismissed an overture from the hedge fund, having previously turned down a $4.80 per share offer. Directors maintained that the firm’s current strategic roadmap offers superior long-term value for shareholders compared to a buyout at the proposed price point.
In section Market Quotes
Repay Rebuffs Forager Capital’s $5.25 Per-Share Acquisition Bid
Alabama-based hedge fund Forager Capital Management has seen its latest attempt to take over Repay Holdings Corporation fall flat, as the fintech firm’s board unanimously rejected an unsolicited cash offer of $5.25 per share, labeling the proposal a significant undervaluation of the company’s market position.
Management is currently prioritizing the integration of Kubra, a billing and customer experience platform acquired earlier this year. By embedding these capabilities into its existing service suite, Repay aims to bolster its operational footprint. J.P. Morgan Securities is advising the company on the matter, with legal counsel provided by Troutman Pepper Locke and Sullivan & Cromwell.
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