- GNW and Oceanwide have agreed to a fifteenth waiver and agreement of each party's right to terminate their pending merger agreement, extending the previous deadline of June 30 to no later than September 30. Co "continue[s] to believe the transaction represents the best and most certain value for [co's] shareholders." The transaction has now been moving toward closing for circa 3.5 years. Co indicated that given this latest delay, co is taking steps to address its near-term liabilities; steps are expected to include a debt offering and working toward launching a 19.9% IPO of its US Mortgage Insurance business, in the event the China Oceanwide transaction is terminated. The companies also agreed to additional interim milestones upon which co's right to terminate the merger as of August 31 may be contingent. At multi-year lows.
Tuesday, June 30, 2020
-=Genworth Financial (GNW) sinks on further delay in closing of China Oceanwide transaction
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