MoneyGram shares soar after hours on report of Western Union takeover bid
Shares of MoneyGram International Inc. (MGI) soared in after-hours trading Monday after a report that Western Union Co. (WU) was looking to acquire it. Bloomberg News reported (https://www.bloomberg.com/news/articles/2020-06-01/western-union-is-said-to-make-offer-to-buy-moneygram?srnd=premium&sref=Oeyjq8by) the potential takeover, which was said to be still under discussion. No purchase price was reported. A deal would combine two of the biggest money-transfer services in the U.S. MoneyGram shares ended the extended session up 32%, at $3.41 a share, after peaking as high as 74%. The company has a market cap of $176.5 million as of the end of trading Monday. MoneyGram stock has risen 23% year to date, and 86% over the past 12 months. Western Union shares rose more than 6% after hours, but are down 23% in 2020.
-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 01, 2020 22:06 ET (02:06 GMT)
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