Genworth Financial Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. said that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States or CFIUS to provide CFIUS additional time to review and discuss the proposed transaction between Genworth and Oceanwide contemplated under the merger agreement entered into by the parties on October 21, 2016.
In connection with this re-filing, CFIUS has agreed to proceed directly to a 45-day investigation period following a one-day review period. Additional information about the CFIUS review process can be found in the definitive proxy statement filed by Genworth with the Securities and Exchange Commission on January 25, 2017.
Genworth Financial said that there can be no assurances that CFIUS will ultimately agree to clear the transaction. In addition to CFIUS clearance, the closing of the proposed transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions.
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