By Elias Schisgall

Repay Holdings rejected an unsolicited offer from Forager Capital Management to buy the payments technology company for $4.80 a share in cash.

The company said Monday that its board reviewed the proposal, concluding unanimously that "the proposal significantly undervalues the company and is therefore not in stockholders' best interests."

The company said it continues to work on executing its strategic plan, adding that it always values input from shareholders, including Forager Capital, which has a roughly 13% stake.

Shares of Repay fell 2%, to $3.92, in after-hours trading Monday. The stock closed up 3.6%, to $4.00.

Forager partner Johnny Wilhelm said earlier Monday that it had not heard from the board or the company's financial advisers since it delivered its proposal 17 days ago.

He also criticized the board for adopting a poison pill and "announcing--following the close of the stockholder nomination window--a transaction larger than the company's market capitalization."

Wilhelm said Forager's proposal represented a 75% premium to the company's 30-day, volume-weighted average price at the time of the offer.

"This sequence of actions taken by the board makes the absence of engagement increasingly difficult to reconcile with the standards of board accountability expected in circumstances such as this, particularly in light of the feedback we are receiving from stockholders," Wilhelm wrote.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

May 04, 2026 18:47 ET (22:47 GMT)

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