After Genworth Financial’s would-be acquirer was the subject of big negative headlines, shares fell 20% in February, according to data from S&P Global Market Intelligence.
China Oceanwide Holdings in October 2016 announced plans to acquire Genworth, a one-time subsidiary of General Electric, for $2.7 billion, but regulatory hurdles have complicated matters in the years since. The proposed deal has been extended eight times so far while awaiting regulatory approval, and for much of the time since the announcement until recent months it appeared highly unlikely that the deal would close.
The stock since 2016 has mostly traded up and down based on deal-related headlines. In late 2018 the transaction gained some positive momentum as the Delaware Department of Insurance approved the purchase and U.S. mortgage overseers approved Oceanwide’s purchase of Genworth’s large mortgage insurance business.The Motley Fool