Tyro shares tumbled following the update that it decides end all existing discussions with parties

Subsequent to the announcement on 08 September 2022 and 18 October 2022, Tyro Payments Limited (ASX: TYR) has provided an update related to unsolicited approaches received from numerous parties expressing an interest in a potential change of control transaction with regard to Tyro, including from Potentia Capital Management Pty Ltd (Potentia) and Westpac Banking Corporation

The Company confirmed that subsequent extensive discussions with these parties along with careful consideration by the Board with support from its external advisers, the Board has determined that the Company will end all existing discussions with these parties concerning a likely change of control transaction. Tyro’s Board believe that these discussions have not resulted in a proposal that values TYR fairly. At the same time, Westpac notified the Company that the submitting an offer to Tyro is not in the best interests of its shareholders at present.

Currently, TYR is open to engaging with any trustworthy change of control proposal it obtains that represents convincing value for Tyro shareholders.

At AEDT 12:14 PM, TYR shares are trading at AU$1.212, down 18.624% from the previous close. 

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