Fly News Breaks for May 6, 2015
WU, MGI
May 6, 2015 | 07:42 EDT
JPMorgan says its earnings analysis indicates accretion to Western Union (WU) if a potential acquisition of MoneyGram (MGI) were consummated around $10-$11 per share. It adds, however, that dilution is possible if the price paid for MoneyGram rose above $20 per share. Bloomberg last night reported that Western Union is in preliminary talks to buy MoneyGram. JPMorgan finds the news surprising since antitrust regulators objected to such a combination twenty years ago, but the firm admits the competitive landscape has changed since then. It keeps an Overweight rating on MoneyGram and an Underweight rating on Western Union. Shares of MoneyGram are trading up $1.75 to $9.55 in the pre-market.
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