Smartpay enters exclusivity agreement; Tyro withdraws acquisition bid

Smartpay Holdings (NZX:SPY) is advancing towards a possible control transaction, entering an exclusivity agreement with an unnamed international strategic party after receiving a revised indicative proposal on April 25, 2025. The proposal offers NZD 1.20 per share in cash for 100% of Smartpay's shares, contingent on due diligence and execution of a scheme implementation agreement. This agreement grants exclusivity to the other party until June 9, during which Smartpay has committed to not engage with any competing proposal from May 2 to May 25. However from May 26 to June 9 Smartpay may engage with any competing proposal that is potentially a superior proposal. Amidst these developments, Tyro Payments (ASX:TYR) announced its withdrawal from the acquisition process, stating that Smartpay opted for an exclusivity arrangement with another party. Tyro had submitted a proposal and was conducting due diligence prior to Smartpay's decision. Smartpay shareholders do not need to take any action at this stage.