Western Union Denies Buyout Talks With MoneyGram

(RTTNews) - Responding to media report, Western Union Co. (WU) said Wednesday that it is not in talks to buy smaller rival MoneyGram International Inc. (MGI).

"........ in view of the high level of market activity in our stock today, Western Union states that current news reports indicating that our company is in discussions to acquire MoneyGram International, Inc. are not accurate," Western Union said in a statement.

The Bloomberg reported on Tuesday that Western Union was in early-stage talks to acquire MoneyGram as both companies contend with stiff competition from upstart money-transfer companies. Talks may still fall apart.

WU closed Wednesday trading at $21.85, up $0.90 or 4.30%.

MGI closed Wednesday trading at $9.47, up $1.67 or 21.41%. However, in after hours, the stock dropped $0.32 or 3.38%.