Tyro withdraws from Smartpay acquisition process

Tyro Payments has withdrawn from the acquisition process of Smartpay.

The decision comes after Tyro was informed of Smartpay's decision to enter an exclusivity arrangement with another party for a cash offer of NZ$1.20 per share.

Tyro had submitted a proposal and was conducting due diligence as part of the competitive process.

However, this was prior to the conclusion of the agreed due diligence process and the receipt of an update to Tyro's cash and scrip synergistic merger proposal.