“Genworth and China Oceanwide Push Back Deal Deadline,” by Allison Bell, ThinkAdvisor

“The Chinese company trying to acquire Genworth Financial Inc. has agreed to extend the deal completion deadline and update the deal terms, Genworth said today. Genworth and China Oceanwide Holdings Group Co. Ltd. have agreed to extend the deadline to Dec. 1, from the previous deadline of Aug. 15. The deadline extension is the sixth the companies have negotiated since they first announced the $2.7 billion deal, in October 2016. China Oceanwide has also agreed to acquire Genworth with the understanding that a life and annuity-issuing unit will continue to be a subsidiary of a unit that has issued large amounts of stand-alone long-term care insurance (LTCI). Genworth had hoped to separate the life and annuity unit, which is currently viewed as being more attractive than the LTCI unit, from the LTCI unit through a process called ‘unstacking.’”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

The Genworth/China Oceanwide saga continues.

Life expectancy decreasing, CDC says

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