After one month of resistance, China's Ant Financial Services Group finally agreed to increase its offer to acquire U.S. money transfer company International Inc. to US$18 per share in cash, 36% higher than its initial offer and 18.4% higher than a rival bid from Euronet Worldwide Inc.
The new deal, which has the backing of MoneyGram’s board and 46% of its voting shareholders, values the company's common and preferred stock at US$1.2 billion and would provide approximately US$320 million in additional cash to MoneyGram's stockholders.
Unless American payment firm Euronet, which last month offered US$15.20 a share for MoneyGram, decides to offer an even higher price, the Ant Financial-MoneyGram transaction is likely to move toward the finish line as scheduled.
The US$18 offer represents a premium of approximately 64% to MoneyGram's...
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