Australia's Tyro Payments slumps after Potentia withdraws from deal talks

Tyro Payments

22/05/2023 06:50

(Updates with comments from Jefferies and share moves)
    ** Shares of payment terminals firm Tyro Payments  TYR.AX 
slide as much as 22.8% to A$1.185, their lowest since Dec 12
    ** Co says private-equity firm Potentia Capital does not
intend to proceed with a buyout offer for Tyro 
    ** TYR posts its sharpest fall since Feb. 21
    ** Tyro had rejected Potentia's A$1.60 per share offer in
December that valued it at A$875 mln ($593.51 mln)    
    ** Co says Potentia's decision to withdraw the offer follows
TYR granting it due diligence and engaging in "extensive
negotiation"
    ** Jefferies reiterates its view that stock is fundamentally
expensive after Potentia's withdrawal
    ** TYR top loser on ASX All Ordinaries index  .AORD 
    ** Trading volumes nearly thrice the 30-day average of
942,521 shares
    ** As of last close, Tyro stock up 8.5% this year

    ($1 = 1.4743 Australian dollars)
    
    

 (Reporting by Navya Mittal and  Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))