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Benzinga
Benzinga
Business
Anusuya Lahiri

MoneyGram Reviews Takeover Bids From Private Equity Firms: Report

  • Private equity firms Madison Dearborn Partners LLC, Siris Capital Group LLC, and Advent International Corp have made competing offers to acquire MoneyGram International Inc (NASDAQ:MGI), Reuters reports.
  • Madison Dearborn offered $10.50 per share in cash, the report adds. MoneyGram closed at $9.27 on January 24.
  • Advent had also expressed interest last year in taking over the company.
  • MoneyGram set a January 24 deadline to receive binding acquisition offers.
  • MoneyGram has become an acquisition target due to intense competition from digital rivals like Remitly Global Inc (NASDAQ:RELY) and Revolut.
  • The U.S. had blocked a $1.2 billion takeover deal by Alibaba Group Holding Ltd (NYSE:BABA) affiliate Ant Financial in January 2018 on national security concerns. 
  • MoneyGram has been focusing on digital payments as an area of growth, followed by a blockchain partnership and collaboration with Japanese financial technology firm Digital Wallet Corp.
  • Price Action: MGI shares traded lower by 0.97% at $9.19 on the last check Tuesday.
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