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


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%.