MoneyGram board says Euronet offer could result in superior proposal


Reuters

March 20 (Reuters) - U.S. electronic payments company
MoneyGram International Inc <MGI.O> said on Monday that peer
Euronet Worldwide Inc's <EEFT.O> offer could result in a
superior proposal compared to the one from China'sAnt Financial
Services Group.
    Euronet had offered $15.20 per share in cash to buy
MoneyGram last week, topping the $13.25 per share offer from Ant
Financial, the financial services affiliate of Alibaba Group
Holding Ltd <BABA.N>. [nL3N1GR3R4] [nL1N1FG1DA]
    However, MoneyGram said on Monday that its board continues
to recommend the Ant Financial offer and that it is not making
any recommendation with respect to the Euronet proposal.
     MoneyGram had offered to share confidential information
with Euronet, Reuters reported on Sunday, citing people familiar
with the matter, to help firm up its bid. [nL3N1GX1P7]
    Euronet has argued that MoneyGram's focus on large retailers
and national post offices, combined with Euronet's strong
position with independent agents and its broad set of consumer
payment solutions, would create a more valuable business.
    While a deal with Euronet would bring cost synergies, a
combination of Ant Financial's technological expertise and
MoneyGram's brand had been seen as a game-changer for the
international payments industry, with scope for more consumers
to use online transfer services rather than taking cash to store
fronts.

 (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak
Dasgupta)
 ((Arunima.Banerjee@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 4046; Reuters Messaging:
arunima.banerjee.thomsonreuters.com@reuters.net))

Keywords: MONEYGRAM INTL M&A/EURONET WORLDWID



This article appears in: Politics , Stocks , Stocks
Referenced Symbols: BABA , EEFT , MGI


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