The best replacement for m240 is m60.

The best alternatives to m240 are rated as following:
★★★★★  m60
★★★★  m249
★★★  pkm
★★  m9
★★  monochrom
★★  mg42
★  mk 48
★  mg4
★  a7r
★  rpd
★  mg3
★  sony a7r
★  m249 bf3
  m60 machine gun
  rx1
  m60 bf3
  m134
  l86
  fn mag

Your alternative for m240 is not listed? Suggest!
Speaking about m240, one probably shouldn't forget about fall camo.

Other search terms related to m240 and their ratings are:
★★★★★ fall camo
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m240
m60
m249