Tyro Payments (ASX:TYR) was still working through the due diligence around its March proposal to acquire NZ-based payments provider Smartpay Holdings (ASX:SMP), when it was served a shock on Friday. Smartpay had entered an ‘exclusivity arrangement’ with another party which made a cash offer of NZ$1.20 per share, trumping Tyro’s NZ$1 a share offer – which was to be mostly scrip.