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Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. have agreed to yet another extension of their deal completion deadline — and, this time, they’re showing some impatience with all of the delays.

The company’s 13th waiver and agreement will push the deadline back to March 31, 2020, from Dec. 31.

Genworth recently sold a big mortgage insurance business in Canada, to raise cash and clear away worries about any objections Canadian regulators might have to the China Oceanwide deal.

(Related: Canada Throws China Oceanwide-Genworth Deal a Lifeline)

U.S. regulators need some time to look over the information about that deal, and Genworth also needs time to refresh some U.S. regulatory approvals that have expired, the company said today in the completion deadline announcement.

In the past, most of the other extension announcements have included simple statements from China Oceanwide about China Oceanwide’s interest in completing the deal.

This time, Genworth said that the new deadline extension agreements gives China Oceanwide new deal termination rights.

The rights apply “to the extent that regulators subsequently impose materially adverse conditions on the transaction,” Genworth said. “In addition, the waiver provides that the parties will mutually agree upon a closing date after the receipt of all required regulatory approvals. In the event Genworth and Oceanwide cannot agree on a closing date following receipt of all regulatory approvals, each party has the right to terminate the merger agreement.”

The History

Genworth is a Richmond, Virginia-based company that has large blocks of U.S. life and annuity business on its books, is still a large provider of mortgage insurance markets, and has been a dominant player in the long-term care insurance market.

China Oceanwide is a Beijing-based real estate development and financial services company.

China Oceanwide has been trying to acquire Genworth since October 2016.

Executive Statements

Tom McInerney, Genworth’s president, said in the announcement that the deal deadline extension will give regulators time to complete reviews of updated information.

“We continue to believe the transaction with Oceanwide provides the best, most certain value for Genworth stockholders,” McInerney said.

Lu Zhiqiang, chairman of China Oceanwide, said that, “Despite the delays, we remain fully committed to this transaction and look forward to the successful completion of the transaction.”

Approvals in China

China Oceanwide and Genworth said that, once Genworth gets all U.S. approvals needed, China Oceanwide will have to get clearance from China’s State Administration of Foreign Exchange, or SAFE, for the currency conversion and transfer of funds.

—Read Genworth Suitor Puts Cash in Real Estate Subsidiary, on ThinkAdvisor.

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