MGI - MoneyGram gains as investors await Madison Dearborn deal update

2023-04-28 15:15:15 ET

MoneyGram ( NASDAQ: MGI ) jumped 4.7% as investors await any update on the company's planned sale to private equity firm Madison Dearborn.

MoneyGram ( MGI ) rose the most since the deal was disclosed in mid February of last year on no specific news. There was speculation circulating among traders that some announcement was expected soon.

Investors are awaiting any update on the planned sale to Madison Dearborn, which needs approval from regulators in India. M&A investors have become more concerned on the transaction as a May 14 termination deadline approaches.

MoneyGram ( MGI ) didn't respond to Seeking Alpha email request for comment on Friday. A MoneyGram ( MGI ) representative told Seeking Alpha on Wednesday that the company is in a quiet period before earnings and can't respond to specific questions.  MGI is expected to report Q1 results by next Thursday or earlier.

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.

MoneyGram ( MGI ) agreed to be sold to Madison Dearborn for $11/share in February of last year.

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