Forager Capital Management, the largest shareholder of Repay Holdings Corporation with a roughly 13% stake, has raised its proposal to acquire the company to $5.25 per share in cash. The updated offer represents a 91% premium to Repay's unaffected 30-day volume-weighted average price of $2.75 at the time of Forager's original proposal. Forager stated it has sufficient financing and the proposal is not subject to a financing condition, with the transaction to be completed through a negotiated merger agreement subject to customary conditions including regulatory approvals. The firm believes Repay would be best positioned as a private entity and is prepared to conduct confirmatory due diligence while negotiating a merger agreement in the coming weeks.
Repay Holdings CorpForager raised its acquisition proposal to $5.25/share, a 91% premium, with sufficient financing and no financing condition.
Forager, as the acquirer, is making a strategic investment to take Repay private, potentially benefiting from future value.