Beijing: Genworth Financial Inc. is seeking more time to convince regulators they should approve the company’s plan to sell itself to China Oceanwide Holdings Group Co.
The companies have refiled their notice to Committee on Foreign Investment in the US to allow more time for a review of their proposed merger, according to a PR Newswire statement from Richmond, Virginia-based Genworth.
Acceptance of the refiling would trigger a new 30-day review period, which can be followed by a 45-day extension, according to the statement. The companies are targeting a completion of the deal by the middle of this year.
Genworth agreed in October to sell itself for about $2.7bn, or $5.43 a share. The stock has been trading closer to $4 for weeks, on investor doubts about whether the deal will be completed.
