logo
Share SHARE
FONT-SIZE Plus   Neg

MoneyGram Determines Euronet Proposal Could Be Expected To Result In 'Superior'

MoneyGram International Inc. (MGI) said that its board has determined that the unsolicited proposal received on March 14, 2017 from Euronet Worldwide Inc. (EEFT) to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis could reasonably be expected to result in a "Company Superior Proposal" as defined in MoneyGram's merger agreement with Ant Financial Services Group.

MoneyGram noted that the determination by its board of directors allows MoneyGram to take certain actions, in accordance with the procedures set forth in the merger agreement with Ant Financial, to further consider the Euronet Proposal, including engaging in discussions with Euronet subject to entry into of an Acceptable Confidentiality Agreement with Euronet pursuant to such merger agreement.

As previously announced on January 26, 2017, MoneyGram reached a definitive agreement with Ant Financial Services Group under which MoneyGram will merge with Ant Financial, with stockholders of MoneyGram being offered $13.25 per share in cash.

MoneyGram said it remains subject to the merger agreement with Ant Financial. The MoneyGram board of directors has not changed its recommendation in support of the merger agreement, nor is the MoneyGram board of directors making any recommendation with respect to the Euronet Proposal.

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Consumers in Nigeria are calling for a boycott of Coca-Cola products sold in the African nation after a high court judge ruled that the products could be "poisonous". Justice Adedayo Oyebanji of the Lagos High Court ruled that high levels of benzoic acid and sunset additives in Coca-Cola's soft drinks could pose a health risk to consumers when mixed with ascorbic acid, commonly known as Vitamin C. Charles Murphy, a partner at New York hedge fund Paulson & Co., fell to his death after jumping out of a hotel window in Manhattan on Monday. Murphy was found dead on the fourth-floor terrace of the Sofitel New York Hotel after he jumped from a window on the 24th floor. Internet media company BuzzFeed is preparing to go public in 2018, media site Axios reported Wednesday, citing industry sources. New York-based BuzzFeed was founded in 2006 by Jonah Peretti and John Johnson III as a viral lab, focusing exclusively on tracking viral content.
comments powered by Disqus
Follow RTT