Euronet has launched a $2bn bid for rival money transfer group MoneyGram, as it seeks to scuttle an offer by Alibaba affiliate Ant Financial, arguing that an all-US deal is more likely to succeed than an acquisition by a Chinese-backed company.
The Kansas-based company said on Tuesday that its bid would present fewer regulatory hurdles than the one by Ant, whose investors include Chinese billionaire Jack Ma as well as Chinese government-backed companies and funds, which collectively own about 15 per cent.
“The proposal offers stockholders a clear and significantly more certain path to a faster closing with no required review by the Committee on Foreign Investment in the United States (Cfius) and no closing condition related to securing change of control consents covering money transmitter licenses in the jurisdictions in which MoneyGram operates,” Euronet said.