In today’s briefing:
- Tyro Payments Rejects Potentia’s Proposal. MCB Accepts
- Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders
Tyro Payments Rejects Potentia’s Proposal. MCB Accepts
- Tyro Payments (TYR AU) has rejected a proposal from a Potentia-led consortium at A$1.27/share, by way of a Scheme.
- Mike Cannon-Brookes’ Grok Ventures, holding 12.5% and Tyro’s largest shareholder, has backed the Offer.
- Tyro’s board considered the proposal to be materially below Tyro’s fundamental value and highly opportunistic. Tyro’s share price was down 66% ytd prior to Potentia’s approach.
Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders
- On 7 September, Poongsan Corp announced a physical division spin-off of its defense business unit. This is likely to have a negative impact on the existing shareholders of Poongsan Corp.
- Its proposal to spin off the defense business comes at a bad time when investors are very cautious about companies trying to spin off valuable businesses into a separate entity.
- Poongsan’s spin-off is excluded from the need to include stock purchase rights.
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