Genworth and Its Suitor Put Off Wedding 3 More Months
December 23, 2019 by Allison Bell
Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. have agreed to yet another extension of their deal completion deadline — and, this time, they’re showing some impatience with all of the delays.
The company’s 13th waiver and agreement will push the deadline back to March 31, 2020, from Dec. 31.
Genworth recently sold a big mortgage insurance business in Canada, to raise cash and clear away worries about any objections Canadian regulators might have to the China Oceanwide deal.
U.S. regulators need some time to look over the information about that deal, and Genworth also needs time to refresh some U.S. regulatory approvals that have expired, the company said today in the completion deadline announcement.
In the past, most of the other extension announcements have included simple statements from China Oceanwide about China Oceanwide’s interest in completing the deal.