Australia's Tyro Payments in takeover talks with Westpac, among others (updated)

Tyro Payments

17/10/2022 22:24

(Adds details on takeover talks, background)
       Oct 18 (Reuters) - Australian payment terminals firm
Tyro Payments Ltd  TYR.AX  on Tuesday confirmed it was
approached by several parties including lender Westpac Banking
Corp  WBC.AX  for a potential takeover and that it was in
preliminary talks with selected parties.
    The Australian Financial Review reported on Monday that
Westpac had roped in investment bankers from JP Morgan to advise
it on a bid for Tyro and that Commonwealth Bank of Australia
 CBA.AX  and National Australia Bank  NAB.AX  were also
interested.
    As of Monday's close, Tyro had a market value of A$807.6
million ($507.9 million).
    Tyro did not name other parties that had approached it, but
said none of the approaches were "sufficiently definite or
advanced to warrant further disclosure at this time" and that
they were non-binding and highly conditional.
    Westpac separately confirmed preliminary discussions to buy
Tyro and said a potential deal would strengthen its small
business proposition.
 ($1 = 1.5901 Australian dollars)
 (Reporting by Shashwat Awasthi; Editing by Shounak Dasgupta)
 ((Shashwat.Awasthi@tr.com))