MoneyGram International Inc. entered into an acceptable confidentiality agreement with Euronet Worldwide Inc. to further consider Euronet's unsolicited proposal to acquire all of the outstanding MoneyGram common stock and preferred stock for $15.20 per share in cash on an as-converted basis.
MoneyGram's board previously determined that Euronet's proposal could reasonably be expected to result in a superior proposal.
In January, Alibaba Group Holding Ltd. affiliate Ant Financial Services Group entered into an agreement to acquire MoneyGram for $13.25 per share in cash. MoneyGram remains subject to this merger agreement and its board determined to recommend its stockholders approve the transaction.
MoneyGram's board has not changed its recommendation in support of the merger with Ant Financial, nor is the board making any recommendation with respect to Euronet's proposal. There can be no assurance that MoneyGram's board will ultimately determine that Euronet's proposal is a superior proposal, that the terms of any transaction will be the same as those in Euronet's proposal or that any transaction with Euronet will be agreed to or completed.
Bank of America Merrill Lynch is serving as financial adviser to MoneyGram and Vinson & Elkins LLP is acting as its legal adviser.