MoneyGram’s stock soars after Euronet makes buyout bid 15% above Ant Financial deal

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Shares of MoneyGram International Inc.












MGI, +0.08%










soared 20% in premarket trade Tuesday, after the money transfer services company received a buyout bid from Euronet Worldwide Inc.












EEFT, +0.36%










that is 15% higher than MoneyGram’s current buyout deal with Ant Financial Services Group. Euronet’s bid of $15.20 a share in cash is 20% above Monday’s closing price of $12.66, and which Euronet says will value the company at over $1 billion. The Ant Financial bid MoneyGram agreed to in January was $13.25 a share. Euronet’s proposal includes the assumption of $940 million of MoneyGram’s debt. MoneyGram’s stock has doubled over the past 12 months through Monday, while Euronet shares have rallied 18.1% and the S&P 500












SPX, +0.04%










has climbed 17.5%.


Source: marketwatch.com