Payments company Tyro may have given Potentia Capital and HarbourVest’s first $658 million takeover bid a big firm no, but talks between the pair are very much alive.the heavily sold-off fintech, which provides eftpos solutions, business lending, and Medicare and private health fund claiming and rebating services
Earlier this month the PE firms teamed up to make a $1.27 a share indicative bid, and scored the support of Mike Cannon-Brookes’ Grok, who entered a pre-bid agreement with Potentia to sell its 12.5 per cent stake in the absence of a 25¢-a-share higher offer. Bankers are understood to have been looking to add a horse to the race. This would likely come in the form of an offshore payments player, or a local financial institution, perhaps one looking to expand its presence in the small business market.For one to have a shot at scoring the recommendation of the Tyro board, they would have to be willing to make at least a $1.52 offer - enough to void Grok’s allegiance to the Potentia consortium.
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