Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Bidding war for MoneyGram breaks out

Tuesday, March 14, 2017 9:33
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Money transfer outfit MoneyGram International Inc (NASDAQ:MGI) is mulling spurning e-commerce giant Alibaba Group Holding Ltd (NYSE:BABA) after receiving a rival offer.

Shares in MoneyGram shot up 24% to US$15.70 after it was revealed Euronet Worldwide Inc (NASDAQ:EEFT) has made a US$15.20 a share offer for MoneyGram, topping an offer from Alibaba that the board of MoneyGram has already agreed to accept.

Euronet’s terms value MoneyGram at more than US$1bn, plus it is taking on some US$940mln of MoneyGram’s debt.

In an oblique reference to the rival bid from Asia-based Alibaba, Euronet said its bid offers stockholders “a clear and significantly more certain path to a faster closing with no required review by the Committee on Foreign Investment in the United States (“CFIUS”) and no closing condition related to securing change of control consents covering money transmitter licenses in the jurisdictions in which MoneyGram operates”.

Both companies have highly complementary distribution channels that will best position the combined business to grow in the highly fragmented global money transfer industry, Euronet said.

Shares in Euronet edged 1% higher to US$83.76 while shares in AliBaba were down 0.4% at US$104.69.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174786/bidding-war-for-moneygram-breaks-out-174786.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.