Tyro Payments has confirmed that it has made a non-binding indicative offer to acquire Smartpay.
The offer, which was presented to Smartpay's board, includes a proposal to acquire 100% of the company's issued share capital at a price of NZ$1 per share.
Tyro said the consideration for the acquisition would primarily consist of Tyro shares, with a cash component, the proportion of which is yet to be determined.
The two companies are currently in preliminary discussions regarding the proposal.
However, Tyro emphasised that there is no certainty that any transaction will occur, or if so, on what terms.
It also clarified that its proposal does not constitute a notice of intention to make a takeover offer under the New Zealand Takeovers Code.
Tyro said it will continue to provide updates to the market in accordance with its continuous disclosure obligations.
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