Genworth, Oceanwide May Seek Further Closing Delay Due to COVID-19
March 24, 2020 by David Pilla
RICHMOND, Va. – Genworth Financial Inc. said it and merger partner China Oceanwide Holdings Group Co. Ltd. may seek to yet again delay their pending merger beyond the current March 31 deadline due to COVID-19-related complications.
The companies are “discussing a short extension of the merger agreement beyond the current deadline of March 31, 2020,” Genworth said in a statement. “The parties will provide an update on targeted timing of the transaction once an appropriate timeline is finalized.”
“Given the ongoing challenges due to the coronavirus pandemic, including the remote work policies that have been put into effect for the parties and regulators involved, the submission of additional information and the review processes have taken and may continue to take more time than would ordinarily be expected,” Genworth said. “Once these items are resolved, Oceanwide will also need to receive clearance in China for the currency conversion and transfer of funds in order to complete the transaction.”