Euronet Worldwide trumps Ant Financial's offer to buy MoneyGram

Reuters News
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Posted: Mar 14, 2017 7:32 AM

(Reuters) - U.S. electronics payments provider Euronet Worldwide Inc said on Tuesday it offered to buy money-transfer company MoneyGram International Inc for $15.20 per share, trumping Ant Financial's bid of $13.25 per share.

MoneyGram said its offer for each MoneyGram common share and preferred stock, on an as-converted basis, valued the company at more than $1 billion, in addition to the assumption of about $940 million of MoneyGram's debt outstanding.

Ant Financial Services Group, the payment affiliate of Chinese e-commerce firm Alibaba Group Holding Ltd, on Jan. 26 offered to buy MoneyGram in a deal valued at about $880 million. Ant Financial also said it would assume or refinance MoneyGram's outstanding debt.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza)