News: TYR UPDATE 1-Tyro rejects $593 million bid from Potentia Capital

(Adds Westpac also ends discussions with Tyro, details, background)

Dec 12 (Reuters) - Australian payment terminals firm Tyro Payments (TYR) on Monday rejected the revised proposal from private equity firm Potentia Capital of A$1.60 per share which values the company at A$875 million ($593.43 million).

Tyro said the higher offer continues to undervalue the company. In September it had rejected Potentia's A$1.27 indicative offer for a similar reason.

"The revised indicative proposal comes at a time of significant share market volatility and cyclical weakness in global technology and payment company valuations," the company said in a statement.

Additionally, Westpac (WBC) also ended its discussions with Tyro, saying that it was not in the best interests of its shareholders.

The bank was among the three biggest banks in October that were considering a bid for the payment terminals firm, underscoring the importance of new revenue streams as rising interest rates batter the mortgage market.

The company said it remains open to engaging with other proposals that represent "compelling value" to its shareholders. ($1 = 1.4745 Australian dollars)