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.