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.