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.
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.”
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.