Tyro Withdraws from Smartpay Acquisition Process
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| Stock | Smartpay Holdings Ltd (SMP.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
- Tyro had submitted a proposal and was conducting due diligence as part of a competitive process
- Smartpay has entered an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share
Full Summary
Tyro Payments Limited (Tyro) has confirmed that it is no longer participating in an acquisition process with Smartpay Holdings Limited (Smartpay). Tyro had previously submitted a proposal and was conducting due diligence as part of a competitive process. However, on Friday, 2 May, Tyro was informed that Smartpay had decided to enter an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share. This decision was made prior to the conclusion of the agreed due diligence process and the receipt of an update to Tyro's cash and scrip synergistic merger proposal.