DALLAS, March 26: MoneyGram revealed that it has signed an
Acceptable Confidentiality Agreement with Euronet Worldwide, so as to further deliberate
on Euronet's unsolicited offer made on March 14, 2017 to procure all of the remaining
shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in
cash on an as-converted basis
As formerly proclaimed on March 20, 2017, MoneyGram's board
of directors, after discussion with its external legal and fiscal consultants, decided
that the unsolicited Euronet offer could rationally be anticipated can lead to a
"Company Superior Proposal" as demarcated in MoneyGram's union contract
with Ant Financial Services Group ("Ant Financial"). MoneyGram perceived
at that time that the resolve by its board of directors permits MoneyGram to
take definite activities, consistent with the dealings set forth in the unification
contract with Ant Financial, to further deliberate on the Euronet Proposal, comprising
getting involved with negotiations with Euronet conditional on entry into an
Acceptable Confidentiality Agreement with Euronet pursuant to such unification contract.
As formerly proclaimed on January 26, 2017, MoneyGram entered
into a decisive contract with Ant Financial Services Group under which
MoneyGram will combine with Ant Financial, with stockholders of MoneyGram being
presented $13.25 per share in cash.
MoneyGram remains dependent on the unification contract with
Ant Financial. Regarding its endorsement of that unification contract,
MoneyGram's board of directors decided to endorse that MoneyGram stockholders support
the unification contract. The MoneyGram
board of directors has not altered its approval in support of the unification contract,
nor is the MoneyGram board of directors making any sanction regarding the
Euronet Proposal. There can be no guarantee that the board of directors will eventually
decide that the Euronet Proposal is a Company Superior Proposal, that the conditions
of any contract will be the similar as those revealed in the Euronet Proposal
or that any deal with Euronet will be approved to or completed.
BofA Merrill Lynch is working as fiscal consultant to
MoneyGram and Vinson & Elkins LLP is functioning as its legal consultant.
MoneyGram is a worldwide contributor of novel money transfer
facilities and is acknowledged globally as a fiscal link to acquaintances as
well as family. Whether online, or by means of a mobile gadget, at a kiosk or
in a local store, or link customers any technique that is expedient for them. The
company furthermore deliver bill payment facilities, deliver money orders and administer
formal checks in limited markets.
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