Tyro Payments rejects non-binding indicative proposal

Tyro Payments Limited (ASX: TYR) announced that it received an unsolicited, non-binding and indicative proposal from a consortium of private equity investors led by Potentia Capital Management Pty Ltd (Potentia and its co-investors the Consortium) to acquire overall issued share capital of Tyro at $1.27 per share. Also, under the proposal, TYR’s shareholders will have the option to receive their consideration in the form of:

• 100% cash
• 50% cash and 50% scrip
• 100% scrip in a privatised Tyro

Grok Ventures which is the venture capital vehicle of Mike Cannon-Brookes agreed that it would vote its 12.5% stake in Tyro. However, it would depend on certain criteria.

As per Tyro, this offer is quite below the valuation of its business  and is not in the best interest of shareholders as a whole. Hence, it rejected the offer.

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