A curious move from Tyro, given its own struggles and low share price. Not sure it is the right time in the company's own business cycle to be making moves like this.

I would have expected Tyro itself to be a takeover target. Seems ripe for a trade buyer or PE to pick the bones and initiate a turnaround.

Tyro Payments Ltd | ABN: 49 103 575 042 | A: L18/55 Market St | Sydney, NSW 2000 Australia | W: tyro.com

TYRO RESPONDS TO MEDIA SPECULATION

Sydney, 17 March 2025 – Tyro Payments Limited (Tyro) (ASX:TYR) refers to media

speculation over the weekend regarding a potential transaction between Tyro and Smartpay

Holdings Limited (NZX:SPY / ASX:SMP) (Smartpay).

Tyro confirms that it has issued a non-binding indicative offer to the Board of Smartpay,

which included an offer to acquire 100% of Smartpay’s issued share capital at a price of

NZ$1.00 per share, with the consideration comprising mostly Tyro shares as well as a cash

component, with the proportion to be determined.

Tyro is in preliminary discussions with Smartpay regarding the proposal. There is no certainty

that any transaction will result, or if so on what terms. Nothing in this announcement or

Tyro’s proposal comprises a notice of intention to make a takeover offer for the purposes of

the New Zealand Takeovers Code.

Tyro will keep the market updated in accordance with its continuous disclosure obligations.

Wild volatility on the report released, with the shares trading erratically, initially reaching $1.30 and then dumping all the way to $1 before settling at $1.09.

Looks like it has become a plaything to the institutions on the register jockeying for quick gains, especially Regal, who have some form in this area.

The report itself looked fine (if not spectacular), and didn't seem to merit such a significantly negative reaction on a quick skim of the numbers.

The Potentia(l) takeover negotiations have concluded with a no-go, after extensive engagement over several weeks. This seemed likely given the market's lack of enthusiasm for the shares in the lead up.

It's all on the management to restore the lost value to shareholders now. On the plus side, the most recent trading update was largely encouraging.

Looks like Potentia is readying itself for another stab at the company.

It is still very much in play, and from the looks of the recent price action, the market is anticipating an improved bid too.

https://www.afr.com/street-talk/tyro-potentia-camps-break-bread-agree-dd-terms-20230205-p5chyu

Westpac has withdrawn its interest acquiring all of Tyro, simply stating that it is not in the best interest of shareholders to make a bid at this time.

While the company is still in play, hopefully for shareholders any takeover interest in the new year will provide a consideration that can be accepted by the board and a majority of shareholders, particularly the largest holder Grok ventures. A bid approaching $2 should do it.