Shareholders of wire-transfer services company MoneyGram (NASDAQ: MGI) have voted to approve the company’s $1.2 billion sale to Alibaba (NYSE: BABA) affiliate Ant Financial, with 97% of those who voted and 82% of all shareholders giving the deal their OK. But Ant’s fight for MoneyGram is far from over.
Jack Ma and the rest of the company's leadership have competition in the form of Euronet Worldwide (NASDAQ: EEFT), another provider of money-transfer services. After Ant initially agreed to buy MoneyGram for $13.25 per share in January, Euronet entered the fray with a $15.20 bid in March, forcing Ant to up its offer to the current $18 per share.
In conjunction with his company's bid, Euronet CEO Michael J. Brown sent US Treasury Secretary Steve Mnuchin a strongly worded letter about the national security risks that could be posed by Chinese ownership of MoneyGram. Multiple US senators have since done the same. And Ant's agreed-upon deal is still slated for regulatory review by the Committee on Foreign Investments in the US. But both MoneyGram and Ant reportedly remain confident the transaction will close sometime in the second half of this year.