Tyro gives takeover suitor four weeks to improve its offer

Payment
provider
Tyro’s
ongoing
takeover
saga
continues
with
the
company
asking
potential
suitor
Potentia
to
improve
its
offer.

Tyro gives takeover suitor four weeks to improve its offer

Payment
provider
Tyro’s
ongoing
takeover
saga
continues
with
the
company
asking
potential
suitor
Potentia
to
improve
its
offer.

Last
October,

Westpac
revealed

it
was
in
early
negotiations
to
take
over
the
company,
however
it

later
withdrew

from
negotiations.

At
the
time,
Tyro
also
revealed
it
had
had
“extensive
discussions”
with
private
equity
firm
Potentia,
but
said
the
discussions
“had
not
resulted
in
a
proposal
that
the
board
believes
fairly
values
Tyro”.

This
included
two
offers
from
Potentia,
valuing
the
payments
firm
at
$1.27
per
share
and
$1.60
per
share.

In
December,
the
Mike
Cannon-Brookes-backed
Grok,
which
has
a
12.5
percent
stake
in
Tyro,
advised
that
it
would
only
support
offers
greater
than
$1.85
per
share.

The
failure
of
takeover
talks
in
December
cut
Tyro’s
share
price
by
nearly
20
percent.

Discussions
continued,
however,
and
Tyro
has
now
advised [pdf] that
it
has
offered
a
further
four
weeks
due
diligence
“to
enable
Potentia
to
develop
a
significantly
improved
proposal”.

The
prospective
buyer
would
also
be
able
to
use
the
time
to
“confirm
the
necessary
funding
commitments
attached
to
any
possible
future
offer.”

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