Euronet Worldwide Inc. failed to advance its bid for rival MoneyGram International on Wednesday and management left open the possibility its effort would falter.
Last week, Ant Financial Services Group raised its offer for MoneyGram, topping a bid that Leawood, Kansas-based Euronet had made following MoneyGram’s original announcement of a sale to Ant Financial.
Euronet CEO Mike Brown spoke with analysts Wednesday after the company released its earnings report for the first quarter.
He said the company had no update on MoneyGram but then allowed that Euronet’s effort may not succeed. Euronet has been evaluating other potential acquisitions separate from its bid for MoneyGram and is looking for possible deals in all of its businesses.
Brown added, however, that he believes Euronet’s offer would be the deal most likely to get done and that it would be in the best security interests of the United States. Ant Financial is partly owned by China’s government and its purchase of MoneyGram would require approval by the Committee on Foreign Investment in the United States.