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June 1, 2020, 10:07 p.m. EDT

MoneyGram shares soar after hours on report of Western Union takeover bid

Shares of MoneyGram International Inc. (NAS:MGI) soared in after-hours trading Monday after a report that Western Union Co. (NYS:WU) was looking to acquire it. Bloomberg News reported the potential takeover, which was said to be still under discussion. No purchase price was reported. A deal would combine two of the biggest money-transfer services in the U.S. MoneyGram shares ended the extended session up 32%, at $3.41 a share, after peaking as high as 74%. The company has a market cap of $176.5 million as of the end of trading Monday. MoneyGram stock has risen 23% year to date, and 86% over the past 12 months. Western Union shares rose more than 6% after hours, but are down 23% in 2020.

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