NEW YORK, Feb. 14, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of MoneyGram International, Inc. (NASDAQ: MGI) ("MGI" or the "Company") in connection with the proposed acquisition of the Company by Alibaba Group Holding Ltd. affiliate Ant Financial Services Group ("Ant Financial"). Under the terms of the agreement, the Company's shareholders will receive $13.25 in cash for each MGI share they own.
WeissLaw is investigating whether MGI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a mere 11.5% premium over MGI's closing price prior to announcement of the acquisition. Further, according to Seeking Alpha, the acquisition is a large step in Ant Financial's global expansion plans, and its goal of achieving at least 60% of transaction volume overseas by 2024. Ant Financial stands to gain significant benefits from the transaction, namely: (1) access to key remittance corridors; (2) expansion into the larger overseas market; and (3) access to MGI's 350,000 locations and 2.4 billion accounts.
Given these facts, WeissLaw is investigating whether MGI's Board acted in the best interests of MGI's public shareholders to maximize shareholder value prior to entering into the agreement. If you own MGI shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/moneygram-international-inc/
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SOURCE WeissLaw LLP