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Moneygram International Inc (NASDAQ:MGI) Investor Lawsuit Against Takeover By Ant Financial Services Group Filed

  • If you purchased shares of Moneygram International Inc (NASDAQ:MGI) and currently hold any of those NASDAQ:MGI shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Moneygram International Inc
Security
NASDAQ: MGI

Case Name
MoneyGram International Deal Case 03/23/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

March 23, 2017 (Shareholders Foundation) - An investor, who currently holds shares of Moneygram International Inc (NASDAQ:MGI), filed a lawsuit in effort to halt the proposed takeover of Moneygram International Inc by Ant Financial Services Group for $13.25 per share.
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 (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, 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.