New Ant bid gets nod from MoneyGram

Two firms make progress toward obtaining regulatory approvals

Ant Financial Services Group has raised its agreed offer for electronic payment firm MoneyGram International Inc and the deal was unanimously approved by the US firm's board, outbidding rival Euronet Worldwide Inc.

Ant, the finance affiliate of Alibaba Group Holding Ltd, increased its offer to $18 per share in cash from $13.25, and the transaction is valued at around $1.2 billion, according to a joint statement by Ant and MoneyGram.