Australia's Tyro Payments hits over 4-month high on confirming buyout talks

Tyro Payments

18/10/2022 24:43

** Shares of Tyro Payments  TYR.AX  jump as much as 5.5% to
A$1.645, hitting their highest since April 8 
    ** Tyro confirms it was approached by several parties
including lender Westpac  WBC.AX  for potential takeover
    ** Australian Financial Review reported on Monday that WBC
roped in investment bankers from JP Morgan to advise it on a bid
for TYT and that Commonwealth Bank of Australia  CBA.AX  and
National Australia Bank  NAB.AX  were also interested
    ** As of Monday's close, TYR had a market value of A$807.6
mln ($507.9 mln)
    ** In a separate statement, WBC confirmed preliminary
discussions to buy TYR
    ** If Westpac's due diligence is completed successfully, we
think it likely that a firm offer will be made - Jefferies
    ** Tyro stock down 45.5% this year, as of last close
 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))