(Yicai Global) April 17 -- Ant Financial Services Group has raised its cash offer to acquire MoneyGram International Inc., the US-based money transfer service provider. Ant Financial's new offer, raised from USD13.25 per share to USD18 per share, now exceeds the rival bid by Euronet Worldwide.
The raised price per share has a 64 percent premium over the three-month volume weighted average price of MoneyGram's share up to Jan. 25, said the foreign media reports today. If counted by the fully diluted share price, the transaction value generated from the acquisition of MoneyGram's all common and preferred stocks would hit USD1.2 billion.
Ant Financial will assume existing liabilities of MoneyGram and refinance it. Ant Financial Services is the financial arm of Alibaba Group Holding Ltd [NYSE：BABA]. Ant Financial Services Group had recently kicked off a plan to take on a USD3 billion debt to repay its bridge loan for the acquisition of MoneyGram.