Intermex rejects the termination. It says it has met every obligation the merger agreement placed on it, and it has demanded that Western Union take all necessary steps to complete the acquisition. Intermex has reserved its right to seek specific performance and substantial damages. Every other approval was in hand: the U.S. antitrust waiting period expired in October 2025, and New York regulators (NYDFS) approved the deal in August 2026 after Western Union made commitments on New York remittance services and locations. California's path was longer. The DFPI granted initial approval on February 11, extended it on April 17 and July 31, then suspended the July 31 extension on August 13, citing the need for further review. Whether Intermex files suit, and whether a court would compel a closing, remains unresolved.
For attorneys handling deals that depend on state money transmitter approvals, this case shows that a single state can stall a transaction after every other clearance is secured. Track how the DFPI's suspension-then-conditions sequence played out against the November 10 outside date, since that date anchored both sides' termination rights. If Intermex files, watch whether it pursues specific performance, which would test whether a court will order a closing over a regulator's objection. For Western Union, the deal's loss removes a projected gain of more than $0.10 in adjusted EPS in the first full year after closing, along with its planned entry into Latin American corridors through Intermex.