Breaking Finance News

Moneygram Plunges after Reports of Potential Deal Falling Through

UPDATE: Reports now saying the deal is off.

Shares of Moneygram (NASDAQ: MGI) plunged 7 percent around 2:30 Eastern Time Tuesday as Deal Reporter announced that a potential deal had fallen through.

Earlier in the day, Moneygram announced that it had signed an agreement with DeviceFidelity to become its exclusive money transfer provider. According to theflyonthewall, LBO financial sponsors are cooling down to a potential deal.

As more information becomes available, we will update this story.

[stock-tools exchange="NASDAQ" symbol="MGI" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

 

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