A lawsuit was filed for investors in shares of Moneygram International Inc (NASDAQ:MGI) in connection with the proposed takeover and NASDAQ:MGI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/23/2017 -- An investor, who currently holds NASDAQ:MGI shares, filed a lawsuit against the buyout of Moneygram International Inc by Ant Financial Services Group.
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 plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MGI stockholders by agreeing to sell Moneygram International Inc too cheaply via an unfair process to Ant Financial Services Group.
On January 26, 2017, Moneygram International Inc 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, plaintiff claims that the proposed consideration NASDAQ:MGI shareholders will receive is grossly inadequate and undervalues Moneygram International Inc. Indeed, at least one analyst has set the high target price for NASDAQ:MGI shares at $18.25 per share.
In addition, the plaintiff alleges that the process is also unfair NASDAQ:MGI stockholders. Indeed, 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.
Shares of Moneygram International Inc (NASDAQ:MGI) closed on March 22, 2017 at $16.61 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