The latest offer for MoneyGram International Inc., which the company backed and published jointly with the bidder on Monday, is $18 per share or $1.2 billion in total. Ant Financial Services Group, the mobile transfers affiliate of Alibaba Group Holding Ltd. of China, boosted its previous bid by 35.8% one month after e-payment platform operator Euronet Worldwide Inc. said it set $15.2 per share. The process has been developing amid controversy over the influence of the most populous nation through overseas acquisitions.
A takeover by Kansas-based Euronet, listed on the Nasdaq just like the target entity, which is headquartered in Dallas, wouldn't require a review by the Committee on Foreign Investment in the United States (CFIUS). The process was demanded by several members of Congress after the offer from China. Ant has raised funds abroad to avoid scrutiny at home over capital outflows and it entered markets of India, Thailand and South Korea.
"We look forward to joining forces with MoneyGram, which will add valuable cross-border remittance capabilities to the Ant Financial ecosystem, serving our more than 630 million users globally," said Doug Feagin, president of Ant Financial International. "We plan to grow the US-based team and create even greater opportunities for the MoneyGram community as we pursue our shared vision of global inclusive finance in an increasingly digital era."
