Repay Holdings Corporation (NASDAQ:RPAY), a provider of integrated payment processing solutions, has announced that its Board of Directors unanimously rejected the revised unsolicited, non-binding proposal from Forager Capital Management, LLC, a stockholder of the company, to acquire the outstanding shares of the Company for $5.25 per share in cash.

The Board unanimously determined that the revised proposal continues to significantly undervalue the company and is therefore not in stockholders’ best interests.

REPAY stated:

“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”.

J.P. Morgan Securities LLC is serving as financial advisor, and Troutman Pepper Locke LLP and Sullivan & Cromwell LLP are serving as legal counsel to REPAY.