Smartpay considers takeover proposals from Tyro, unknown party

Smartpay has confirmed that it has received two separate conditional, non-binding and indicative proposals for a possible control transaction.

One of the proposals is from Tyro Payments, which offers to acquire 100% of Smartpay's issued ordinary shares for a price of NZ$1 per share, to be paid in a combination of Tyro shares and cash.

The other proposal is from an unidentified international strategic party.

Smartpay's board has decided to allow both Tyro and the other party to conduct an initial limited period of commercial due diligence on a non-exclusive basis.

This will help Smartpay assess the relative merits of each proposal and give the parties an opportunity to improve their offers.

However, the company emphasised that the provision of limited due diligence does not guarantee a binding offer or a recommended transaction.

Smartpay has appointed Morgan Stanley and Bell Gully as its financial and legal advisers, respectively.