Why Shares of Moneygram Are Up Today

Shares of MoneyGram International (NASDAQ: MGI) were nearly 13% higher as of 3:20 p.m. EDT today after Bloomberg reported that multiple parties were interested in acquiring the company.

Bloomberg, citing anonymous sources, reported that the interest in acquiring MoneyGram, one of the largest money-transfer companies in the U.S., is coming from the cross-border payments company Stellar Development Foundation and a private equity firm called Advent. The two are reportedly working together on a potential acquisition.

This isn't the first time there have been takeover rumors regarding MoneyGram. Last year, its biggest rival, Western Union (NYSE: WU), had supposedly been interested in acquiring the company.

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Source Fool.com