Benzinga | Jan 25, 2022 12:20PM EST

MoneyGram Reviews Takeover Bids From Private Equity Firms: Report

* Private equity firms Madison Dearborn Partners LLC, Siris Capital Group LLC, and Advent International Corp have made competing offers to acquire MoneyGram International Inc (NASDAQ:MGI), Reuters reports.

* Madison Dearborn offered $10.50 per share in cash, the report adds. MoneyGram closed at $9.27 on January 24.

* Advent had also expressed interest last year in taking over the company.

* MoneyGram set a January 24 deadline to receive binding acquisition offers.

* MoneyGram has become an acquisition target due to intense competition from digital rivals like Remitly Global Inc (NASDAQ:RELY) and Revolut.

* The U.S. had blocked a $1.2 billion takeover deal by Alibaba Group Holding Ltd (NYSE:BABA) affiliate Ant Financial in January 2018 on national security concerns.

* MoneyGram has been focusing on digital payments as an area of growth, followed by a blockchain partnership and collaboration with Japanese financial technology firm Digital Wallet Corp.

* Price Action: MGI shares traded lower by 0.97% at $9.19 on the last check Tuesday.