Tyro subs in Barrenjoey on defence | KKR returns at Perpetual | Oaktree lobs Star proposal

Good evening,

It’s been a long two years for Tyro Payments. The eftpos terminal operator’s shares have halved since it was left at the altar by Potentia Capital, and it would be no exaggeration to say it’s keen to test the waters, again.

Top brass at the company, now with a market capitalisation of about $430 million, are making it clear there is plenty of appetite to discuss the future with a credible suitor. Macquarie is often touted as a potential interested party; Westpac, once a suitor, has moved on.

There are no suggestions, of course, that there is a takeover proposal on the table that requires disclosure. Any approach would require a hefty premium, given Potentia had lobbed a bid at $1.75 a share, to get investors over the line. Tyro has Barrenjoey Capital Partners on hand as a defence adviser.

The drawcard would be Tyro’s 71,000-plus merchant relationships within small businesses, which present a valuable cross-selling opportunity into loans and other banking products beyond its core payments business.

Read the full story tomorrow and more on the Street Talk page.

Australian shares reset a record closing high on Friday, shrugging off fears around US reciprocal tariffs and a minor sell-off in Commonwealth Bank shares that hit the bourse.

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