Separate interests in acquiring Tyro Payments, an Australian payment solutions company, have been acknowledged; stock prices surge in response.
Tyro Payments Receives Multiple Unsolicited Acquisition Approaches
Tyro Payments, a prominent player in Australia's EFTPOS and payment processing market, has confirmed receiving multiple unsolicited acquisition approaches. This news sent the company's shares surging more than 10% before trading was paused, reflecting investor optimism about a potential competitive bidding process.
The company's strong position in the market, an established merchant network, and growth potential in digital payments make it an attractive target for potential buyers. However, specific details about the parties involved, the terms, or the value of any proposals have not been disclosed publicly. Tyro Payments has only confirmed it is reviewing the expressions of interest, with discussions still in the early stages and no formal offers made yet.
The trading halt of Tyro Payments' shares followed an ASX query related to these developments, indicating that further information may be forthcoming. The company needs time to formulate an appropriate announcement during the trading halt.
Rumours of a possible takeover have been circulating since April, with reports suggesting that U.S. fintech giant Stripe held preliminary talks with Tyro. However, no new financial details or identities of interested parties have been disclosed.
It is important to note that the interest received by Tyro Payments is not considered representative of its intrinsic value. The company has a market value of A$565.77 million ($369.33 million), according to LSEG data.
Tyro Payments' shares have faced volatility since Potentia Capital abandoned a takeover bid in 2023. The abandoned takeover bid valued Tyro Payments at A$875 million. Despite this, the company remains open to engaging with offers that deliver sufficient value to shareholders.
As of now, no official announcement has been made by Tyro Payments regarding the matter. The company has not disclosed the identities of the interested parties or any financial details of the proposals. The market eagerly awaits more information about this potential acquisition, with the possibility of a competitive bidding situation generating excitement among investors.
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