Tyro Payments shares soar on takeover interest
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More news: Shares in Tyro Payments rocketed today after the payments provider confirmed it had received takeover interest from multiple unnamed suitors.
Tyro shares were up 8.21% to $1.16 at 2:45am AEST, extending gains to 44% since the turn of the year.
The company entered a trading halt on Tuesday after receiving a price query from the ASX, having seen its share price jump 11.5% to $1.07 during the session.
Tyro says proposed takeover bid had insufficient value
The news: Digital payments service provider Tyro told the market it has received unsolicited and non-binding interest regarding a potential acquisition but that the proposal does not reflect “Tyro’s intrinsic value”, in response to an ASX price query.
The numbers: Tyro entered a trading halt on Tuesday after receiving a price query from the ASX as the payment provider’s stock price surged. Before entering the halt, Tyro’s share price had lifted 11.5% to $1.07 by 2:44pm AEST.
The context: In an initial response to the price query on Tuesday, Tyro said it was aware of unannounced information that could explain the recent trading but noted that “so far as Tyro is aware the relevant matter has remained confidential” and requested a trading halt to have sufficient time to “formulate an appropriate announcement”.
Tyro said this morning that it has “over the past few months, received unsolicited and non-binding interest from separate parties regarding the potential acquisition of the Company”.
What they said: “While the Company remains prepared to engage with approaches that may deliver sufficient value to shareholders, at this stage, the interest received is not at a level that the Tyro Board has considered representative of Tyro’s intrinsic value,” the company said.
