Smartpay Holdings (ASX:SMP, NZE:SPY) signed an exclusivity agreement granting an unnamed buyer due diligence access until June 9, according to a May 2 filing with the New Zealand bourse.
This follows an improved non-binding offer from the buyer to acquire the company's shares for NZ$1.20 each via a scheme of arrangement, the filing said.
Under the terms, Smartpay cannot engage with competing proposals from May 2 to May 25. From May 26 to June 9, it may consider potentially superior offers, the filing added.
In an Australian bourse filing on Monday, Tyro Payments (ASX:TYR) confirmed that it has withdrawn from the acquisition process of the company.
Tyro had submitted a proposal and was conducting due diligence when it was informed on May 2 that Smartpay had entered into exclusive negotiations with the competing bidder, the filing said.
Smartpay's shares climbed past 22% in Australia in recent Monday trade, while its Kiwi shares surged 21%. Tyro Payments' shares shed almost 1%.
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