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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: May 22, 1998
VIAD CORP
(Exact name of registrant as specified in its charter)
DELAWARE 001-11015 36-1169950
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1850 N. CENTRAL AVE., PHOENIX ARIZONA 85077
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (602) 207-4000
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ITEM 5. OTHER EVENTS.
In a press release dated May 26, 1998, Viad Corp ("Viad")
announced its successful tender offer for MoneyGram
Payment Systems, Inc. ("MoneyGram"), at $17.35 per share.
The cash tender offer, which commenced on April 10, 1998,
closed on Friday, May 22, 1998, with a sufficient number
of shares tendered to result in the acquisition of
MoneyGram. According to the Depository for the offer,
11,155,362 shares of common stock of MoneyGram were
tendered, including 1,489,874 shares tendered by notice of
guaranteed delivery, representing approximately 67.6
percent of the shares outstanding as of the close of
business on May 22, 1998. A total of 5,358,438 shares
were not tendered.
A copy of the press release is attached as Exhibit 99 to
this report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99 Press Release
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
VIAD CORP
By: /s/ Richard C. Stephan
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Richard C. Stephan
Vice President - Controller
DATE: May 29, 1998
EXHIBIT 99
VIAD CORP SUCCESSFULLY COMPLETES
TENDER OFFER FOR MONEYGRAM
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MoneyGram To Become Part of Travelers Express
PHOENIX, Ariz., May 26, 1998 - Viad Corp (NYSE:VVI)
announced today the cash acquisition of MoneyGram Payment
Systems, Inc. (NYSE:MNE) at a price of $17.35 per share.
Moneygram, one of the nation's leading money wire transfer
companies, will become a part of Viad's wholly owned subsidiary,
Travelers Express Company of Minneapolis, the nation's largest
money order company.
"MoneyGram is a great, great strategic fit with Travelers Express,"
said Robert H. Bohannon, Viad's chairman, president and chief
executive officer. "There are numerous synergies between the two
companies that will accelerate expansion of our payment services
business. MoneyGram gives us instant access to the billion dollar
global wire transfer market, as well as providing cross-marketing
opportunities for both money order and money wire transfer
products. This acquisition also furthers our major drive to expand
Viad's core businesses and extend our leadership in each business
sector in which we operate."
The tender offer, which commenced on April 10, 1998, was
completed on Friday, May 22. Viad was tendered a sufficient
number of shares to complete the transaction. According to the
Depository for the offer, 11,155,362 shares of common stock of
MoneyGram were tendered, including 1,489,874 shares tendered
by notice of guaranteed delivery, representing approximately 67.6
percent of the shares outstanding as of the close of business on
May 22, 1998. A total of 5,358,438 shares were not tendered.
Headquartered in Lakewood, Colo., MoneyGram was formed in
1988 and today operates in more than 100 countries, with its
strongest presence in the wire transfer of money from the U.S. to
Mexico. The wire transfer market has been growing 20 to
30 percent per year for the last ten years.
Philip W. Milne, president and chief executive officer of Travelers
Express said, "Combining our 50,000 retail locations with
MoneyGram's 22,000 locations provides a tremendous opportunity
for marketing our products. This is a big step in our long-term
strategy to provide a comprehensive package of financial services
for consumers and financial institutions."
James F. Calvano, MoneyGram's chairman and chief executive
officer, said, "We are excited about the combination of these
complementary businesses and the positive distribution and
technology expertise Travelers Express will bring to our business.
In like manner, our global presence and strong brand awareness
will assist Travelers Express to grow in new markets. It's a great
opportunity for us both."
Viad Corp is a $2.5 billion S&P MidCap 400 services company with
interests in payment services, airline catering, convention services,
and travel and leisure. Headquarters are in Phoenix, Ariz.
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