Revised Proposal Continues to Significantly Undervalue the Company and Is Not in the Best Interest of Stockholders
Repay Holdings Corporation (“REPAY” or the “Company”), a leading provider of bill payment solutions, announced that its Board of Directors (the “Board”) unanimously rejected the revised unsolicited, non‑binding proposal from Forager Capital Management, LLC (“Forager Capital”), a stockholder of the Company, to acquire the outstanding shares of the Company for $5.25 per share in cash.
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The Board, consistent with its fiduciary duties and in consultation with its financial and legal advisors, reviewed Forager Capital’s revised unsolicited, non-binding proposal. The Board unanimously determined that the revised proposal continues to significantly undervalue the Company and is therefore not in stockholders’ best interests.
The Board believes REPAY’s stockholders are best served by the Company dedicating its full resources to executing on its strategic plan, which includes integrating KUBRA and remaining focused on serving clients. Since closing the acquisition, REPAY has begun introducing KUBRA’s complementary capabilities to clients and delivering on key operating priorities. The Board and management remain confident this strategy will generate growth and drive long-term value for all stockholders.
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