“Genworth Says Would-Be Buyer Is Having Trouble Closing on Financing,” by Allison Bell, ThinkAdvisor
“Genworth Financial Inc. says China Oceanwide Holdings Group Co. Ltd. of Beijing is having trouble nailing down the financing it needs to pay to acquire Genworth. … Genworth and China Oceanwide said they will push the deal completion deadline back to Sept. 30, from June 30. … ‘We have overcome many hurdles during the past three and half years and continue to persevere because of the future value of Genworth to our vision of pursuing the significant opportunities for long term care (LTC) insurance in the U.S., China and the rest of Asia,’ Lu [Zhiqiang, the chairman of China Oceanwide] said. ‘We remain committed to securing financing for the transaction in order to close the transaction as soon as possible.’”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
The roller coaster ride continues.