Genworth Financial News: GNW Stock Flies 32% on Oceanwide Financing

Genworth Financial (NYSE:GNW) news for Monday includes reports that Oceanwide has secured financing to acquire the company.

Image of a Genworth Financial (GNW) building with the company's logo on the side
Source: Shutterstock

Oceanwide is a Chinese company that has been planning to acquire Genworth Financial. The major hurdle still in the way was Oceanwide providing proof that it has the finances to acquire the life insurance company.

Oceanwide only had until today to provide evidence that it can indeed fund a deal to acquire Genworth Financial. If the reports are true, the company has that evidence, which clears the way for it to move forward with the acquisition.

If Oceanwide can finally acquire Genworth Financial, it will bring an end to a four-year-long news saga. The two companies agreed to the acquisition back in 2016, but have had to delay it over a dozen times.

GNW investors are likely ready for this deal to reach a close and they might just get that. The current schedule has the two companies closing the acquisition on Sept. 30. However, it’s still possible another delay could push that date back further, reports The Motley Fool.

Genworth Financial and Oceanwide have yet to reveal any official news about the secured funding. Even so, reports claim that an official announcement is on the way but its still unclear when that announcement will come out.

Oceanwide’s offer for Genworth Financial is sitting at $5.43 per share. The stock’s closing price on Friday was $2.37.

GNW stock was up 31.7% as of Monday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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