Tyro Withdraws from Smartpay Acquisition Process
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| Stock | Tyro Payments Ltd (TYR.ASX) |
|---|---|
| Release Time | 5 May 2025, 8:03 a.m. |
| Price Sensitive | Yes |
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Tyro Withdraws from Smartpay Acquisition Process
Key Points
- Tyro confirms it is no longer participating in an acquisition process with Smartpay
- Smartpay has entered an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share
- Tyro had submitted a proposal and was conducting due diligence as part of a competitive process
Full Summary
Tyro Payments Limited (ASX:TYR) refers to its announcement dated 17 March 2025 regarding its proposal to acquire Smartpay Holdings Limited (NZX:SPY / ASX:SMP). Tyro confirms it is no longer participating in an acquisition process with Smartpay. Tyro had submitted a proposal and was conducting due diligence as part of a competitive process. However, Tyro was informed of Smartpay's decision to enter an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share on Friday 2 May. This was prior to the conclusion of the agreed due diligence process and receipt of an update to Tyro's cash and scrip synergistic merger proposal.
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