… Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. On Monday, Genworth said it had decided not to extend its merger agreement with Beijing-based China Oceanwide Holdings Group Ltd., the investment company that agreed in … RICHMOND, Va. and BEIJING, Oct. 23, 2016 /PRNewswire/ -- China Oceanwide Holdings Group Co., Ltd. (" China Oceanwide") and Genworth Financial, Inc. (NYSE: GNW) ("Genworth") today announced that they have entered into a definitive agreement under which China Oceanwide has agreed to acquire all of the outstanding shares of Genworth for a total transaction value of approximately $2.7 … Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. Further, forward-looking statements should not be relied upon as representing Genworth's views as of any subsequent date, and Genworth does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. The contingency plan also addresses the need to further align the Company's expense structure with its business activities. About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current December 31, 2020 "end date" under the merger agreement. As the needs of your clients and prospects change, make sure your technology can keep up. — Read  Genworth Aims to Line Up Backup Financing Options, on ThinkAdvisor. A publicly traded China Oceanwide real estate development affiliate based in Hong Kong has said, in English-language filings, that the COVID-19 has caused problems for many of its office buildings, shopping centers and construction projects. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Propelling the Advisor-Client Journey with a Robust Client Portal. The San Francisco Business Times reported in October that Hony Capital has been working to buy Oceanwide Center, a big commercial real estate project in San Francisco, from a China Oceanwide affiliate for $1.2 billion. Copyright © 2021 ALM Media Properties, LLC. Businesses controlled by Oceanwide have more than 10,000 employees globally. “Securing these last few remaining regulatory approvals and finalizing our financing are important milestones in our efforts to close our transaction and fulfill our vision of bringing long term care insurance to China,” said Lu. admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Genworth will host an investor call before the market opens on January 5, 2021 to review today's announcement and address shareholder questions. Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance. Life Insurance Claim Form Instructional Video. However, the merger agreement remains in effect, although either party is able to terminate the merger agreement at any time. “Actual outcomes and results may differ materially from those in the forward-looking statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i) the risk that Oceanwide will be unable to complete funding,” according to the cautionary note. The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. Driving Growth Through Multigenerational Relationships. Genworth Financial (NYSE:GNW) on Tuesday announced another extension to its proposed deal to be acquired by China Oceanwide Holdings, the … The best way to deliver quality service is by understanding what clients want from your interactions. The China Oceanwide-Genworth deal agreement calls for Genworth to provide $175 million in cash for Genworth’s life insurance subsidiaries after the deal with China Oceanwide is completed. These steps build on the progress Genworth has already made as part of its contingency plan, including the sale of its Canadian mortgage insurance business for approximately $1.8 billion in December 2019 and the completion of a $750 million debt offering at the U.S. MI holding company level in August 2020. Accordingly, we caution you against relying on any forward-looking statements. Genworth Financial, Inc. GNW and China Oceanwide Holdings Group Co. Ltd (Oceanwide) have once again delayed their merger to no later than Mar … At the same time, we are moving forward with our contingency plan to meet our near-term obligations and maximize long-term value, which we believe is the best approach for our shareholders. All Rights Reserved. China Oceanwide Holdings Group Co.’s four-year-old settlement to purchase. Industry groups could benefit from their efforts to build bipartisan coalitions. China Oceanwide, whose global holdings include real estate investments in New York, California and Hawaii, agreed to buy Genworth for $5.43 a … RICHMOND, Va., Jan. 4, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on their pending transaction. How to Exceed Investor Service Expectations: An Advisor's Guide to Expanding Value Propositions. Get the latest best practices, relevant stats and industry trends - quickly and easily. Oceanwide has indicated that the factors contributing to the delay since the parties agreed to their most recent extension of the merger agreement on November 30, 2020 were: (a) the finalization of the Hony Capital financing terms; and (b) the COVID-19 pandemic and associated restrictions. Genworth And Oceanwide Provide Transaction Update; Genworth To Focus on Contingency Plan, For further information: Investors: investorinfo@genworth.com, Media: Julie Westermann, 804 937.9273, julie.westermann@genworth.com. James Riepe, non-executive chairman of the Genworth Board, said: "When we considered our most recent extensions of the merger agreement, Genworth's Board of Directors believed we were on a path to a near-term closing based on the information we were provided. Given the most recent update, we do not believe a closing can occur in the near term. Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on … Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. We appreciate the continuing patience of our shareholders, employees and other stakeholders as we continue to pursue steps that will maximize Genworth's value. Advance your career and take your firm's production to the next level with FREE practice-management tips. From time to time, Genworth releases important information via postings on its corporate website. News of the acquisition comes only two days after Mercer said it bought Kays Financial Advisory Corp. Text China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth Financial Inc., one of the world’s longest deal engagements, is petering out. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the potential termination, extension or closing of the transaction with Oceanwide, Oceanwide's funding plans and regulatory approvals in the event an extension is pursued, actions Genworth may take to align its expense structure with anticipated business needs and transactions Genworth is pursuing to address its near-term liabilities and financial obligations, which may include additional debt financing and/or transactions to sell a percentage of its ownership interests in its mortgage insurance businesses. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. 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