Genworth pulls plug on its acquisition by China Oceanwide
The provider of mortgage and long-term care insurance based in
The deal was first announced in 2016, with
But regulatory hurdles and financing issues repeatedly delayed the marriage, which was further complicated in the last year by the global coronavirus pandemic.
Genworth’s board “concluded that Oceanwide will be unable to close the proposed transaction within a reasonable time frame and that greater clarity about Genworth’s future is needed now in order for the company to execute its plans to maximize shareholder value,”
Those plans include a potential partial initial public stock offering of
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