Ant still expects to take over MoneyGram despite rival bid

Ant Financial Services Group said on Wednesday it still expected to take over money-transfer network MoneyGram International Inc by the second half of 2017, despite an unexpected counterbid by a US competitor, which analysts said could threaten the deal.

Ant Financial did not elaborate how it plans to close the deal on schedule, after US-based Euronet Worldwide Inc offered a higher bid on Tuesday and argued that an all-US deal would avoid regulatory scrutiny toward foreign bidders.

"MoneyGram and Ant Financial continue to work cooperatively under the terms of our merger agreement, and together, we are making progress on schedule toward obtaining all required regulatory and shareholder approvals," Ant Financial said in a statement.