RICHMOND, Va., April 28, 2017 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co.,
Ltd. (Oceanwide) today reported they have withdrawn and re-filed
their joint voluntary notice to the Committee on Foreign Investment
in the United States (CFIUS) to
permit more time for review and discussion with CFIUS in connection
with the proposed merger between Genworth and Oceanwide
contemplated under the merger agreement signed by the parties on
October 21, 2016.
The acceptance of the refiling of a joint voluntary notice by
CFIUS will trigger a new 30-day review period, which may be
followed by an additional 45-day investigation
period. Additional information about the CFIUS review process
can be found in the definitive proxy statement filed by Genworth
with the Securities and Exchange Commission on January 25, 2017.
Genworth and Oceanwide are continuing to work diligently to
satisfy the closing conditions under the merger agreement and plan
to continue to actively engage in further discussions with CFIUS
during its review. There can be no assurances, however, that CFIUS
will ultimately agree to clear the transaction.
In addition to CFIUS clearance, the closing of the proposed
transaction remains subject to other conditions, including the
receipt of required regulatory approvals in the U.S., China, and
other international jurisdictions. Genworth and Oceanwide are
engaged with the relevant regulators regarding the pending
applications and continue to target closing the transaction in the
middle of 2017.
About Genworth Financial
Genworth Financial, Inc.
(NYSE: GNW) is a Fortune 500 insurance holding company committed to
helping families achieve the dream of homeownership and address the
financial challenges of aging through its leadership positions in
mortgage insurance and long term care insurance. Headquartered
in Richmond, Virginia, Genworth
traces its roots back to 1871 and became a public company in
2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's
publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth
Mortgage Insurance Australia Limited, separately release financial
and other information about their operations. This information can
be found at http://genworth.ca and
http://www.genworth.com.au.
About Oceanwide
Oceanwide is a privately held, family
owned international financial holding group founded by Mr.
Lu Zhiqiang. Headquartered in
Beijing, China, Oceanwide's
well-established and diversified businesses include operations in
financial services, energy, culture and media, and real estate
assets globally, including in the United
States.
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; the
privately-held Minsheng Securities, Minsheng Trust, and Asia
Pacific Property & Casualty Insurance; and it is the single
largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide
also is a minority investor in Shanghai-listed China
Minsheng Bank and Hong
Kong-listed Legend Holdings. In the United States, Oceanwide has real estate
investments in New York,
California, and Hawaii. Businesses controlled by Oceanwide
have more than 10,000 employees globally.
Cautionary Note Regarding Forward-Looking Statements
This communication includes certain statements that may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. 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 outlook for the company's future business and financial
performance. Forward-looking statements are based on management's
current expectations and assumptions, which are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. 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 the
transaction may not be completed in a timely manner or at all,
which may adversely affect Genworth's business and the price of
Genworth's common stock; (ii) the ability of the parties to
obtain regulatory approvals, or the possibility that they may delay
the transaction or that materially burdensome or adverse regulatory
conditions may be imposed in connection with any such regulatory
approvals; (iii) the risk that a condition to closing of the
transaction may not be satisfied; (iv) potential legal
proceedings that may be instituted against Genworth following
announcement of the transaction; (v) the risk that the
proposed transaction disrupts Genworth's current plans and
operations as a result of the announcement and consummation of the
transaction; (vi) potential adverse reactions or changes to
Genworth's business relationships with clients, employees,
suppliers or other parties or other business uncertainties
resulting from the announcement of the transaction or during the
pendency of the transaction, including but not limited to such
changes that could affect Genworth's financial performance;
(vii) certain restrictions during the pendency of the
transaction that may impact Genworth's ability to pursue certain
business opportunities or strategic transactions;
(viii) continued availability of capital and financing to
Genworth before the consummation of the transaction;
(ix) further rating agency actions and downgrades in
Genworth's financial strength ratings; (x) changes in
applicable laws or regulations; (xi) Genworth's ability to
recognize the anticipated benefits of the transaction;
(xii) the amount of the costs, fees, expenses and other
charges related to the transaction; (xiii) the risks related
to diverting management's attention from Genworth's ongoing
business operations; (xiv) the impact of changes in interest
rates and political instability; and (xv) other risks and
uncertainties described in the Definitive Proxy Statement, filed
with the SEC on January 25, 2017, and
Genworth's Annual Report on Form 10-K, filed with the SEC on
February 27, 2017. Unlisted factors may present significant
additional obstacles to the realization of forward-looking
statements. Consequences of material differences in results as
compared with those anticipated in the forward-looking statements
could include, among other things, business disruption, operational
problems, financial loss, legal liability to third parties and
similar risks, any of which could have a material adverse effect on
Genworth's consolidated financial condition, results of operations,
credit rating or liquidity. Accordingly, 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.
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SOURCE Genworth Financial, Inc.