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Ant Financial Raises MoneyGram Bid 36% to Fend Off Euronet
April 16, 2017, 9:01 PM EDT Updated on April 16, 2017, 11:36 PM EDT
> Cash offer values all the shares of MoneyGram at $1.2 billiuon
> Revised $18 a share deal has unanimous backing of board
Ant Financial raised its agreed offer for MoneyGram International Inc. by 36 percent as the financial-services company controlled by Chinese billionaire Jack Ma tries to top a competing offer and overcome security concerns.
The revised bid is worth $18 a share in cash, up from a previous offer of $13.25, the companies said in a joint statement. The new deal, which has the backing of MoneyGram’s board, values all the common and preferred stock at $1.2 billion, it said. Euronet Worldwide Inc. last month offered $15.20 a share for the Dallas-based payments company.