Ant Financial raises MoneyGram bid by 36% to fend off Euronet

Beijing

ANT Financial raised its agreed offer for MoneyGram International Inc by 36 per cent as the financial services company controlled by Chinese billionaire Jack Ma tries to top a competing offer.

The revised bid is worth US$18 a share in cash, up from a previous offer of US$13.25, the companies said in a joint statement. The new deal, which has the backing of MoneyGram's board, values all the common and preferred stock at US$1.2 billion, it said. Euronet Worldwide Inc last month offered US$15.20 a share for the Dallas-based payments company.