23 January 2018
visit http://response.ncr.com

Ant Financial raises MoneyGram offer to $1.2bn

18 April 2017  |  5651 views  |  0 cash

Ant Financial has increased its bid to buy MoneyGram by 36%, to around $1.2 billion, in an effort to fight off competition from Euronet.

The MoneyGram board of directors has unanimously approved the amended agreement, worth $18 a share in cash, up from the $13.25 initially offered and more than the $15.20 put on the table by Euronet.

Pamela Patsley, executive chairman, MoneyGram, says: "Throughout this process, our board of directors has remained laser-focused on maximizing value for MoneyGram stockholders, while taking into account price, the ability to complete a transaction and other important considerations."

Euronet CEO Michael Brown says he is "disappointed" and that his firm will review the amended deal between MoneyGram and Ant Financial.

Brown has also repeated Euronet's claims that a deal with China's Ant could create a national security risk and may not get regulatory approval from the Committee on Foreign Investment in the United States (Cifus).

"In light of bipartisan concerns that have been raised by four Members of Congress, extensive public reports examining questionable data security practices of Ant Financial and broad concern raised over Chinese based acquirers, we continue to hold the view that the Ant deal may never close," says Brown.

For their part, MoneyGram and Ant say that they have "already made significant progress towards obtaining the regulatory approvals necessary to complete the transaction".

The two have also again stressed that MoneyGram will operate as an independent subsidiary and retain its brand, management team, IT infrastructure and headquarters in Dallas.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ant Financial brings mobile payments to Indonesia

Ant Financial brings mobile payments to Indonesia

12 April 2017  |  7096 views  |  0 comments | 9 tweets | 4 linkedin
Euronet sparks MoneyGram bidding war with Ant Financial

Euronet sparks MoneyGram bidding war with Ant Financial

14 March 2017  |  4900 views  |  0 comments | 6 tweets | 10 linkedin
Ant Financial to make $200 million investment in South Korea's Kakao Pay

Ant Financial to make $200 million investment in South Korea's Kakao Pay

21 February 2017  |  5270 views  |  0 comments | 7 tweets | 9 linkedin
Ant Financial takes equity stake in Phillippine mobile money firm

Ant Financial takes equity stake in Phillippine mobile money firm

20 February 2017  |  5595 views  |  1 comments | 6 tweets | 6 linkedin
China's Ant Financial agrees $880m deal to buy MoneyGram

China's Ant Financial agrees $880m deal to buy MoneyGram

26 January 2017  |  9307 views  |  2 comments | 27 tweets | 39 linkedin
China's Ant Financial goes global in bid for two billion users in 10 years

China's Ant Financial goes global in bid for two billion users in 10 years

20 January 2017  |  11076 views  |  0 comments | 24 tweets | 15 linkedin
Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

26 April 2016  |  5071 views  |  0 comments | 8 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.ebaday.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9386 views comments | 37 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9212 views comments | 14 tweets | 14 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
8979 views comments | 12 tweets | 12 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8327 views comments | 17 tweets | 11 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
6931 views comments | 13 tweets | 25 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job