Grok Ventures – the private company of Atlassian co founder Mike Cannon-Brookes – has offloaded its 12.5 per cent stake in Tyro Payments.
Shares were sold through Canaccord at $1.20 each after shares on Thursday closed at $1.25.
The trade equated to about $78m.
Grok Ventures recently threw support behind private equity firm Potentia Capital to make a buyout of the eftpos payments services business.
But a deal never eventuated after the board knocked back various offers.
Investors are understood to have expressed disappointment that discussions with suitors for Tyro never eventuated in a buyout proposal.
They were said to be keen for the company to agree to a deal amid a weak economic environment and an uncertain future for the company.
Private equity firm Potentia Capital recently abandoned plans to buy Tyro for more than $832m, which was said to be due to a tough outlook.
But an earlier offer for the company had been rejected by Tyro’s board, led by Fiona Pak-Poy.
The company’s market value is now $638m.
Last year, Tyro rejected a $1.60 per share offer from Sydney-based Potentia, equating to an $832m equity value for the company after an earlier $1.27 per share offer was rejected.
But the company offered due diligence in the hope that the group would lift its bid.
The due diligence concluded about three months ago.
In April, sources indicated that a deal was on the brink of being finalised, valuing the target at between $1.70 and $1.85 per share, with the final hurdle around Tyro’s banking licence and gaining approval from the Australian Prudential Regulation Authority.
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