Smartpay Holdings (ASX:SMP, NZE:SPY) received a non-binding and indicative acquisition proposal from Tyro Payments (ASX:TYR), according to separate filings with the Australian bourse on Monday.
As per the proposal, Tyro plans to acquire all of the company's shares at NZ$1 apiece via a scheme of arrangement, the filing said.
The proposal is preliminary and conditional on Tyro completing due diligence and executing definitive transaction documentation, and Smartpay granted Tyro non-exclusive access to due diligence on a non-exclusive basis, the filing added.
Smartpay advised shareholders to take no action in response to the offer until it provides further information.
Smartpay's shares rose 33% in recent Monday trade in New Zealand.
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