SYDNEY, Nov 19 (Reuters) - Australian currency exchange provider OzForex Group Ltd OFX.AX said U.S. money transfer giant Western Union Co WU.N made an informal takeover approach worth up to A$888 million ($631.10 million).
In a statement before the start of trading, OzForex said Colorado-based Western Union proposed to buy it in cash for between A$3.50 and A$3.70 per share.
The stock closed at A$2.60 on Wednesday, having listed two years earlier with an issue price of A$2.00.
OzForex said it would evaluate Western Union's proposal, which came with several conditions including access to due diligence, retention of management and regulatory approval.
($1 = 1.4071 Australian dollars)