MoneyGram Reviews Takeover Bids From Private Equity Firms: Report

Private equity firms Madison Dearborn Partners LLC, Siris Capital Group LLC, and Advent International Corp have made competing offers to acquire MoneyGram International Inc MGI, Reuters reports.
Madison Dearborn offered $10.50 per share in cash, the report adds. MoneyGram closed at $9.27 on January 24.
Advent had also expressed interest last year in taking over the company.
MoneyGram set a January 24 deadline to receive binding acquisition offers.
MoneyGram has become an acquisition target due to intense competition from digital rivals like Remitly Global Inc RELY and Revolut.
The U.S. had blocked a $1.2 billion takeover deal by Alibaba Group Holding Ltd BABA affiliate Ant Financial in January 2018 on national security concerns.
MoneyGram has been focusing on digital payments as an area of growth, followed by a blockchain partnership and collaboration with Japanese financial technology firm Digital Wallet Corp.
Price Action: MGI shares traded lower by 0.97% at $9.19 on the last check Tuesday.