Tyro chairman David Thodey has defended the board’s swift rejection of a sweetened $1.60 a share offer for the payments fintech, saying it must act in the interests of all investors, as Mike Cannon-Brookes’ Grok Ventures vented its frustrations.

“Grok is disappointed the Tyro Board has refused to engage with Potentia on its revised proposal of $1.60 per share, which is a 62 per cent premium to the undisturbed share price,” it said in a statement.