MoneyGram Board Thinks Euronet's USD 1bn Bid Likely Superior.
M2 EQUITYBITES-March 21, 2017-MoneyGram Board Thinks Euronet's USD 1bn Bid Likely Superior
(C)2017 M2 COMMUNICATIONS http://www.m2.com
21 March 2017 - The board of US-based money transfer services company MoneyGram International, Inc. (NASDAQ: MGI) has determined that a recent USD 1bn bid for the company from US-based electronic payments company Euronet Worldwide (NASDAQ: EEFT) is likely to result in a "company superior proposal" versus MoneyGram's existing deal to be acquired by Chinese digital financial services provider Ant Financial Services Group, the company said.
On 14 March, Euronet Worldwide announced a proposal to acquire all shares outstanding of MoneyGram for USD 15.20 in cash for each share of MoneyGram common stock and MoneyGram preferred stock on an as-converted basis, valuing the company at more than USD 1bn, in addition to the assumption of approximately USD 940 m of MoneyGram's debt outstanding.
This beats an existing agreed deal between MoneyGram and Chinese digital financial services provider Ant Financial Services Group.
The proposal represents a premium of approximately 15% over the Ant Financial Services offer and a premium of 28% over the closing price of USD 11.88 for MoneyGram stock on the final day of trading prior to the transaction announcement on 26 January 2017.
In January, MoneyGram entered into a definitive agreement to be acquired by Ant Financial Services Group. Under the deal, stockholders of MoneyGram being offered USD 13.25 per share in cash.
On 14 March, US-based electronic payments company Euronet Worldwide launched a rival bod for MoneyGram worth USD 1bn.
Euronet Worldwide claims that a deal between...
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