Smartpay shares tumble as Verifone deal falls through

Smartpay shares dropped 23.5 percent to 39 cents after the payments processor said its agreement with Verifone to buy its New Zealand assets for $70 million fell over. The deal was contingent on receiving Commerce Commission approval by April 30, which didn’t happen, and Smartpay rejected a revised offer put forward by the American company which it said wasn’t acceptable.The company said the end of the agreement freed it up to pursue other potential buyers for the business.