08:32 AM EDT, 04/17/2026 (MT Newswires) -- Repay (RPAY) shareholder Forager Capital Management said Friday that it has sent a letter to the board proposing to acquire Repay for $4.80 per share in cash.

The proposal represents a 75% premium to the company's 30-day volume-weighted average price and presents shareholders with certain cash value, said Forager Capital, which holds a 13% stake in Repay.

The investor said it reached out to the company's Chief Executive Officer John Morris and others on Monday regarding the potential buyout, but the board responded by implementing a shareholder rights plan.

Forager Capital said it proposes that a potential deal be accomplished through a negotiated merger agreement, adding that it has access to sufficient financing to complete the transaction.

Repay did not immediately respond to MT Newswires' request for comment.

Shares of the company were up 35% in Friday premarket activity.