Australia’s Tyro Payments said on Monday it has ended deal discussions with suitor Potentia Capital, after the private equity firm said it does not intend to proceed with a proposal to acquire the company.
Potentia had first offered to buy Tyro for A$1.27 per share in September, then improved its offer to A$1.60 in December.
Tyro rejected both offers, saying they undervalued the company.
Potentia’s decision to withdraw the offer follows Tyro granting it due diligence and engaging in “extensive negotiation” of material commercial terms, Tyro said in a statement.
“Tyro also worked with Potentia to develop processes that could potentially address regulatory requirements to reduce risk to Tyro by providing increased confidence of completion in a reasonable timeframe,” it added.
In January, Tyro opened the door to re-engaging with Potentia by offering it access to its books to come up with an improved proposal and confirm the necessary funding commitments.
Tyro said on Monday it was “disappointed” that Potentia was ultimately unable to deliver a revised offer, adding that the company’s prospects remain strong.
Potentia did not immediately respond to a Reuters’ request for comment.
Reuters