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.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.