The Tyro Payments Ltd (ASX: TYR) share price is on course to start the week with a solid gain.
In afternoon trade, the payments companyâs shares are up over 3% to $1.46.
This compares favourably to the performance of the S&P/ASX 300 index, which is up 0.2% at the time of writing.
Why is the Tyro share price pushing higher?
Investors have been scrambling to buy Tyroâs shares today amid speculation that a new takeover offer could be coming.
According to the AFR, its sources claim that Potentia is close to tabling a $1.70 per share offer for the payments company. This comes after the company granted the private equity group non-exclusive due diligence on 10 February.
Though, whether that offer would be enough to get a unanimous recommendation from Tyroâs board, is hard to say.
Whatâs the latest?
This morning, Tyro responded to the media speculation and revealed that it has not received a proposal from Potentia. However, it has confirmed that talks are continuing between the two parties.
Though, it also warns that thereâs no guarantee that these talks will result in a binding offer being made. The company explained:
Tyro confirms that it has not received any further proposal from Potentia since 11 December 2022, and that should it receive a revised proposal from Potentia, Tyro will inform the market in accordance with its continuous disclosure obligations.
Although Tyro continues to be in discussions with Potentia in relation to a possible change of control transaction, Tyro shareholders do not need to take any action. There is no certainty that these discussions will result in a non-binding indicative offer, a binding offer or a transaction of any kind.
The post Why is the Tyro share price smashing the ASX 300 on Monday? appeared first on The Motley Fool Australia.
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More reading
- Top brokers name 3 ASX shares to buy today
- Tyro Payments share price lifts as EBITDA soars 600%
- Earnings preview: Here are the ASX shares reporting on Tuesday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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