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GNW

Genworth

$3.44

-0.04 (-1.15%)

17:53
07/13/17
07/13
17:53
07/13/17
17:53

Genworth and China Oceanwide provide update on merger agreement

Genworth Financial and China Oceanwide Holdings have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States - CFIUS - a second time to provide CFIUS more time to review and discuss the proposed transaction between Genworth and Oceanwide contemplated under the merger agreement entered into by the parties on October 21, 2016. CFIUS' acceptance of the joint voluntary notice will commence a new 30-day review period, which may be followed by an additional 45-day investigation period. Closing of the proposed transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions. Genworth recently received approval from the Delaware Department of Insurance and the Virginia Bureau of Insurance for the remaining internal reinsurance and recapture transactions required, under the merger agreement, as a condition to the purchase by a Genworth holding company of Genworth Life and Annuity Insurance Company from Genworth Life Insurance Company. These transactions have been completed effective July 1. It now appears that the timing of the regulatory reviews will likely delay the completion of the transaction to later than the originally targeted time frame of the middle of 2017. Genworth and Oceanwide are discussing an extension of the August 31 deadline set forth in the merger agreement and will make a final decision regarding the deadline in the coming weeks.

GNW Genworth
$3.44

-0.04 (-1.15%)

09/22/16
WELS
09/22/16
INITIATION
WELS
Market Perform
Genworth coverage resumed with a Market Perform at Wells Fargo
10/05/16
BTIG
10/05/16
DOWNGRADE
BTIG
Neutral
Genworth downgraded to Neutral from Buy at BTIG
BTIG analyst Mark Palmer downgrading Genworth Financial to Neutral and removed its price target of $5 citing valuation.
11/11/16
COMP
11/11/16
UPGRADE
COMP
Buy
Genworth upgraded to Buy from Neutral at Compass Point
01/24/17
BTIG
01/24/17
NO CHANGE
BTIG
Neutral
BTIG says Genworth could be worth 'pennies' if deal falls through
BTIG analyst Mark Palmer finds it "exceedingly difficult" to play Genworth Financial shares from the long or the short side. The upside for the shares, assuming no other bidder emerges, is capped at $5.43, or the price offered by China Oceanwide, Palmer tells investors in a research note. The analyst's sum-of-the-parts analysis yields a $4.23 per share price for Genworth, which he notes assumes the intrinsic value of the subsidiaries being fully unlocked, which he says is "far from a given." Palmer believes the value of Genworth shares is within 15%, plus or minus, from current levels. Investors concerned about mark-to-market risk, however, "need to get comfortable with the notion that the stock could trade in pennies in the immediate aftermath of an announcement that the China Oceanwide deal had been nixed," Palmer cautions. He keeps a Neutral rating on the shares. The stock closed yesterday at $3.77.

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HLX

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AAPL

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OCFC

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ETRM

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SSB

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CARO

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TM

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ICE

IntercontinentalExchange

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VCYT

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MRK

Merck

$63.88

0.13 (0.20%)

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