Six weeks after billionaire Jack Ma’s Ant Financial announced a plan to take over MoneyGram International Inc., Leawood, Kansas-based Euronet Worldwide is swooping in with a higher bid.
Euronet is offering $15.20 a share for the money-transfer service, a roughly 15 percent premium to Ant Financial Services Group’s previous $13.25-a-share offer for MoneyGram.
In a release, Euronet made its case to MoneyGram shareholders, arguing that it not only was offering more money, but was a better fit. Beyond pointing out its complementary operations and stable management, Euronet said its deal offers a “faster and significantly more certain path to closing” than the Ant Financial transaction.
In a letter to MoneyGram management, Euronet CEO Mike Brown said members of Congress, a congressional commission and others had raised concerns about a MoneyGram-Ant Financial pairing. Brown also argued that a Euronet purchase of MoneyGram would have a smoother route with state regulators because Euronet already has money transmitter licenses in jurisdictions where MoneyGram operates.