An investigation on behalf of investors of Moneygram International Inc (NASDAQ:MGI) in connection with the proposed takeover was announced and NASDAQ:MGI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/01/2017 -- The takeover of Moneygram International Inc is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold shares of Moneygram International Inc (NASDAQ:MGI), concerning whether the takeover of Moneygram International Inc by Ant Financial Services Group for $13.25 per share is unfair to NASDAQ:MGI stockholders.
Investors who purchased shares of Moneygram International Inc (NASDAQ:MGI) and currently hold any of those NASDAQ:MGI shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Moneygram International Inc breached their fiduciary duties owed to NASDAQ:MGI investors in connection with the proposed acquisition.
On January 26, 2017, Moneygram International Inc (NASDAQ:MGI) and Ant Financial Services Group announced that they have entered into an agreement under which Moneygram International Inc (NASDAQ:MGI) will merge with Ant Financial, with stockholders of Moneygram International Inc (NASDAQ:MGI) being offered $13.25 per share in cash.
However, given that at least one analyst has set the high target price for NASDAQ:MGI shares at $18.25 per share, the investigation concerns whether the offer is unfair to NASDAQ:MGI stockholders. In addition, given that Thomas H. Lee Partners and certain Moneygram International Inc executives, who collectively own approximately 46 percent of the outstanding voting shares of Moneygram International Inc, have already entered into agreements with Moneygram International Inc to vote in favor of the transaction, the investigation concerns whether the Moneygram International Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Moneygram International Inc (NASDAQ:MGI) closed on January 31, 2017 at $12.70 epr share.
Those who are current investors in Moneygram International Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com