Smartpay board backs $274m buyout by NYSE-listed Shift4
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The news: Payments provider Smartpay has entered into a scheme implementation agreement that will see US payment processing business Shift4 acquire all of its shares for $274 million.
The numbers: Under the agreement, NYSE-listed Shift4 will acquire all the shares in Smartpay for NZD1.20 per share in cash, representing a 46.5% premium to the target's 90 trading day average price of 82 NZ cents per share.
Shares in ASX- and NZX-listed small-cap Smartpay were up 9.6% to $1.03 at 11:45am AEST.
The context: Smartpay's board have unanimously recommended shareholders vote in favour of the scheme. Shareholder approval will be sought at a special meeting in the third quarter of the year.
The deal comes after rival payments provider Tyro pulled out of the race to acquire Smartpay last month.
The source: ASX
