Tyro Payments has seen its shares surge, reaching a 52-week high following the announcement of unsolicited takeover interest. The ASX-listed fintech group confirmed it has received multiple non-binding proposals from various parties in recent months, each expressing interest in a potential acquisition. Tyro provides payment solutions and value-added services to Australian businesses. They enable businesses to accept payments in-store and online, and manage their operations.
The company’s board of directors has acknowledged the approaches but maintains a measured stance. While Tyro is open to engaging in discussions that could enhance shareholder value, the board has stated that the current offers presented do not adequately reflect the company’s intrinsic worth. This valuation discrepancy is a key factor in the ongoing evaluation of these proposals.
Trading activity reflected the market’s positive reaction to the news. As of 10:35 am AEST, Tyro shares were up 8.2 per cent, trading at $1.16. Earlier in the day, the stock reached an intraday high of $1.21, matching the 52-week peak. The company will keep investors informed of any material developments as discussions progress.
