Tyro (ASX: TYR) rejects ‘opportunistic’ proposal

Australia’s fifth largest EFTPOS of all ADIs outside the big four remains up for takeover following the rejection of an apparently unsolicited $658 million takeover bid from a private equity consortium – opening the door for other bidders to enter the room.

Tech-focused private equity outfit Potentia Capital and its investment partners HarbourVest Partners, MLC and industry super fund Cbus have lobbed a $1.27-a-share indicative bid in a deal valuing Tyro’s listed equity at $658 million. It represents a 30 per cent premium to Wednesday’s closing price of 98¢ a share.

The Indicative Proposal values Tyro at $1.27 per share with shareholders proposed to have the option to receive their consideration in the form of 100% cash; 50% cash, and 50% scrip; or 100 per cent scrip in a privatised Tyro (subject to scale-back).

Potential told Tyro that it has entered into a Voting and Acceptance Deed with Cannon-Brookes Head Trust (Grok) about its 12.5% shareholding in Tyro, such that Grok will accept a takeover bid made by Potentia or vote in favour of a scheme of arrangement proposed by Potentia at the Offer Price, subject to certain conditions.