Genworth Financial, Oceanwide Agree To Extend Merger Deadline - Quick Facts

(RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd have agreed to extend the merger agreement deadline to not later than November 30, 2019. The companies agreed for the 11th waiver in order to explore disposition options for MI Canada.

"The lack of transparent feedback or guidance from Canadian regulators about their review left us no choice but to look at strategic alternatives for MI Canada that would eliminate the need for Canadian regulatory approval of the Oceanwide transaction," said Tom McInerney, CEO of Genworth.

The deal is also subject to clearance in China for currency conversion.