Ant Financial affiliate Alibaba has increased its bid for MoneyGram International by 36% to $18 per share in cash, thereby valuing MoneyGram at about $1.2bn and beating off rival offers to get approval from the US company's board. Alibaba, which has expanded globally, hit a problem with the MoneyGram deal when Euronet Worldwide made an unsolicited offer and lobbied US lawmakers, warning that Ant's ownership could be a security threat. The bid will now undergo regulatory scrutiny.
Alibaba affiliate Ant Financial has increased its bid for MoneyGram International by 36% to $18 per share in cash, thereby valuing MoneyGram at about $1.2bn and beating off rival offers to get approval from the US company's board. Ant Financial, which has expanded globally, hit a problem with the MoneyGram deal when Euronet Worldwide made an unsolicited offer and lobbied US lawmakers, warning that Ant's ownership could be a security threat. The bid will now undergo regulatory scrutiny.