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GNW

Genworth

$3.05

-0.18 (-5.57%)

08:05
01/04/18
01/04
08:05
01/04/18
08:05

Genworth, Oceanwide provide update on efforts to obtain CFIUS clearance

Genworth Financial and China Oceanwide Holdings Group issued the following update on the status of their efforts to obtain clearance of their proposed transaction from CFIUS. Genworth and China Oceanwide remain committed to the transaction and have been working cooperatively with CFIUS since they first filed their original voluntary notice in January 2017. In October, the two parties withdrew their joint voluntary notice with the intent to refile the transaction with an additional mitigation approach to further protect the personal data of Genworth policyholders. "In the interim, we have been working with a leading U.S. third party data administrator to implement a mitigation approach that further protects our U.S. customers' personal private data," said Tom McInerney, president and CEO of Genworth Financial. "We believe further protecting the personal information of our U.S. customers makes our overall mitigation plan more robust than our previous CFIUS filings and expect to file our new mitigation plan in the near term, as soon as the key terms of the additional mitigation approach are finalized."

GNW Genworth
$3.05

-0.18 (-5.57%)

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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