Alibaba’s Ant Financial may have won the bidding war for MoneyGram after upping its offer to $1.2B

From Techcrunch


Ant Financial, the Alibaba affiliate company focused on financial services, appears to have finally won its battle with Euronet to acquire MoneyGram, the U.S.-based cross-border payments service, after it increased its bid to $1.2 billion.

The firm initially bid $880 million for MoneyGram back in January, but now it has increased its offer from $13.25 per share for NASDAQ-listed MoneyGram to $18.00 following a counter bid from Euronet lodged in March. Euronet, which is also based in the U.S., offered $1 billion and played up concerns around the potential for MoneyGram to be acquired by a Chinese company — Ant Financial, which operates Alipay, China’s largest online payment provider.

Ant Financial’s new offer — which represents a 64 percent premium to MoneyGram’s average share price prior to the announcement of the first offer — has been unanimously approved by MoneyGram’s board, while a collection of shareholders who own 46 percent of voting rights have also…

Read More Here- Alibaba’s Ant Financial may have won the bidding war for MoneyGram after upping its offer to $1.2B