MGI - MoneyGram gains as investors await for update on Madison Dearborn close

2023-04-05 16:37:02 ET

• MoneyGram International ( NASDAQ: MGI ) rose 2.5% on Wednesday, its biggest gain since late last May, on some speculation that its sale to Madison Dearborn could close without approval from India.
• MoneyGram ( MGI ) and Madison Dearborn could potentially look for ways to close around the Indian approval, traders said, citing a report that was circulating around Wall Street.
• The termination or "walk date" for the MoneyGram/Madison Dearborn deal is June 8 so ideally MGI wants to close the deal before that date.
• MoneyGram ( MGI ) said in February when it reported its Q4 results that it planned to complete th e sale by the end of Q1/early Q2 . The transaction has received regulatory approvals except for international money transmission regulatory approval from the Reserve Bank of India.
• MoneyGram ( MGI ) didn't return an email request from Seeking Alpha seeking an update on the transaction.
• MoneyGram ( MGI ) agreed to be sold to Madison Dearborn for $11/share in February of last year.

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