In today’s briefing:
- Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence
Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence
- Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
- Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms.
- Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.
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