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GNW

Genworth

$3.35

-0.05 (-1.47%)

16:16
11/29/17
11/29
16:16
11/29/17
16:16

Genworth, Oceanwide extend merger agreement

Genworth Financial and China Oceanwide Holdings Group Co. announced they have agreed to a second waiver and agreement of each party's right to terminate the previously announced merger agreement. The second waiver and agreement extends the previous deadline of Nov. 30, 2017, to April 1, 2018, and allows additional time for regulatory reviews of the transaction. As previously announced, Genworth and Oceanwide withdrew their most recent joint voluntary notice to CFIUS with the intent to refile with additional mitigation approaches, including potentially working with a U.S. third-party service provider. Both parties are fully committed to continuing to work on robust mitigation proposals; however, there can be no assurances that CFIUS will ultimately agree to clear a transaction between Genworth and Oceanwide on terms acceptable to the parties or at all. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China and other international jurisdictions and other closing conditions. Genworth and Oceanwide remain committed to satisfying the closing conditions under the merger agreement as soon as possible.

  • 13

    Dec

GNW Genworth
$3.35

-0.05 (-1.47%)

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.
09/15/17
BTIG
09/15/17
NO CHANGE
BTIG
Genworth still faces long road, says BTIG
BTIG analyst Mark Palmer says that Virginia's decision to approve the sale of Genworth's insurance companies in the state to a Chinese company, China Oceanwide, is positive. However, the analyst says that Genworth still must obtain the approval of "several (other) entities" before its deal to sell the entire company to China Oceanwide can close. He believes that Genworth's stock could fall below $1 if the deal is not approved as such a development would "spark fears of an imminent bankruptcy filing," according to the analyst. He keeps a Neutral rating on the shares.

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ALK

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  • 12

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AAPL

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  • 08

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XOM

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CIT

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SC

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AL

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SHOO

Steven Madden

$44.15

1.15 (2.67%)

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STLD

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$39.85

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SPY

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SPY

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MCK

McKesson

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AEE

Ameren

$60.94

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AKAM

Akamai

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, AMTD

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PG

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PETX

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HPE

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  • 09

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GRMN

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LMT

Lockheed Martin

$322.82

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  • 07

    Mar

PG

Procter & Gamble

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PG

Procter & Gamble

$91.89

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  • 18

    Jan

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SNSS

Sunesis

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T

AT&T

$38.24

0.5 (1.32%)

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  • 31

    Jan

HPE

HP Enterprise

$14.41

0.17 (1.19%)

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  • 09

    Jan

FSV

FirstService

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-0.54 (-0.79%)

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ETP

Energy Transfer Partners

$17.50

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