Genworth to Shift to China Oceanwide Deal Backup Plan
January 6, 2021 by Allison Bell
Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today said they will shift to using a merger agreement without an end date.
Genworth said it will begin executing a plan that serves as an alternative to the company being acquired by China Oceanwide. China Oceanwide has been trying to acquire Genworth since October 2016, in a deal with an estimated value of about $2.7 billion.
Wink’s Note: Although The Wall Street Journal ran an article about the expiration of the acquisition deadline, see here, sounds like it’s still game on as far as both parties are concerned.