“Grok joins a growing chorus of Tyro shareholders who are publicly dismayed at the board’s refusal to engage including Wilson Asset Management, QVG, and Harvest Lane. Together, this represents almost 20 per cent of the register.“The board has a fiduciary duty to act in the best interests of shareholders, but instead appears to be ignoring them,” the statement said.Tyro’s Thodey-led board on Monday defended its stance by arguing the latest bid came at a time of “cyclical weakness” in technology valuations, saying Tyro shares had traded as high as $2.92 in the last year. Tyro said it remained focused on executing its current strategy, and it was open to “credible” proposals to buy the business.
Tyro’s board said that offer remained too low.
TYR Price at posting:
87.5¢ Sentiment: Hold Disclosure: Held
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