Euronet Worldwide, a US provider of electronic payment services, has made a proposal to acquire money transfer company MoneyGram in a transaction valued at more than $1bn.
The company has offered $15.20 in cash for each share of MoneyGram common stock and preferred stock, besides agreeing to assume approximately $940m of its debt outstanding.
The latest offer represents an approximately 15% premium over MoneyGram's existing agreement with Ant Financial and a premium of nearly 28% to the company's closing price on the day prior to the Ant transaction announcement on 26 January 2017.
Euronet said in a statement: “The combination of these highly complementary businesses would create a very well-positioned global payments company that would benefit customers and employees in the US and around the world.
“In addition to the compelling value to stockholders, a combination of Euronet and MoneyGram would create substantial benefits for all customers, agents, employees and stakeholders.”