Australia’s Tyro Payments confirms takeover interest from separate parties; shares rally

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(Reuters) -Tyro Payments said on Wednesday it has received takeover approaches from multiple parties in recent months, moving to clarify speculation after its shares were halted on the Australian exchange in the prior session.

Shares in the firm rallied as much as 12.8% to their highest since February 2024.

The stock surged more than 10% in Tuesday before trading was paused, with the company later saying its shares would remain suspended pending a response to a price query.

Tyro did not disclose the identities of the interested parties or any financial details of the proposals.

“The interest received is not at a level that the Tyro Board has considered representative of Tyro’s intrinsic value,” the payments provider said, but it remains open to engaging with offers that deliver sufficient value to shareholders.

Tyro’s market value stood at A$565.77 million ($369.33 million), according to LSEG data.

The company had responded to a price query on Tuesday, saying that it was aware of a matter that had remained confidential.

“Tyro requires time to formulate an appropriate announcement and will do so during the course of the trading halt,” it had said.

The Australian Financial Review reported in April that U.S. fintech giant Stripe had held preliminary talks with Tyro, citing people with detailed knowledge on those discussions.

Tyro’s shares have faced volatility since private equity firm Potentia Capital abandoned a takeover bid in 2023 that valued the company at A$875 million.

($1 = 1.5319 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Alan Barona)