MoneyGram to consider Euronet’s takeover offer

MoneyGram has signed an agreement to consider Euronet Worldwide’s takeover offer of $15.20 per share

MoneyGram to consider Euronet’s takeover offer

MoneyGram said its board of directors determined that the unsolicited Euronet proposal could be expected to result in a ‘Company Superior Proposal’.

Euronet offer represents an approximately 15% premium over MoneyGram’s existing agreement with Ant Financial and a premium of nearly 28% to the company’s closing price on the day prior to the Ant transaction announcement on 26 January 2017.

However, MoneyGram has not changed its recommendation in support of merger agreement with Ant Financial.

“There can be no assurance that the board of directors will ultimately determine that the Euronet Proposal is a Company Superior Proposal, that the terms of any transaction will be the same as those reflected in the Euronet Proposal or that any transaction with Euronet will be agreed to or consummated,” MoneyGram said in a statement.