Tyro confirmed guidance for FY2023, ends takeover talks with Potentia upping offer to $1.60 as Westpac walks away.
Tyro Payments shares were smashed after it ended takeover talks with a private equity consortium, after a second potential bidder Westpac Banking Corporation walked away.
Tyro said the offer was conditional upon completion of confirmatory due diligence, rather than the 6 to 8 weeks undertaken by rival bidder Westpac, which said it was walking away on Monday. The $1.60 offer would have forced Westpac, which said in October that it was in talks with Tyro, to bid at least $1.85. Potentia also secured backing from Tyro’s other remaining major shareholder Mike Cannon Brookes’ Grok Ventures, which controlled 12.5 per cent of its listed equity, for its offer in the absence of anything less than 25¢ a share increase.
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