Shares of Genworth Financial (NYSE: GNW) jumped 14% on Tuesday morning after the insurance company said it remains committed to a deal to be acquired by China Oceanwide Holdings Group, ensuring one of the longest-running Wall Street soap operas will continue for at least another month.
China Oceanwide first announced plans to acquire Genworth in October 2016, but the deal has been stalled by regulatory issues and other hurdles. In June Genworth granted Oceanwide a 15th deadline extension to get the deal done, but said it wanted to see concrete proof Oceanwide can come up with the needed financing for the transaction by Aug. 31.
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On Monday after markets closed, Genworth said Oceanwide had come through. In a statement, Genworth said its board and management team determined that Oceanwide “has provided satisfactory information” regarding its funding plan, and said Genworth will not