Genworth Financial Inc · NYSE:GNW
Genworth Financial — Merger or Acquisition (October 2016)
11 slides from Genworth Financial's merger presentation, Oct 24, 2016
Slide 1: China Oceanwide To Acquire Genworth Financial
China Oceanwide To Acquire Genworth Financial October 24, 2016 ©2016 Genworth Financial, Inc. All rights reserved.
Slide 2: Forward-looking statements
This communication includes certain statements that may constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking stat
Slide 3: Transaction Highlights
Transaction Highlights Transaction Details Total transaction value of approximately $2.7B China Oceanwide has agreed to acquire all outstanding shares of Genworth for $5.43 per share in cash No financing contingencies Capital Contribution China Oceanwide has committed $1.1B of additional capital to
Slide 4: Stockholder Value Creation
Stockholder Value Creation The best price for Genworth stockholders through all-cash transaction with no financing contingencies Transaction eliminates downside risk for stockholders as a result of continued challenges facing Genworth and announced 3Q16 charges Both parties fully engaged to obtain r
Slide 5: Additional Transaction Benefits
Additional Transaction Benefits China Oceanwide is a credible financial sponsor with diverse interests Additional capital committed to Genworth enables continued focus on debt reduction and strengthening both MI and LTC businesses Intended to increase likelihood of obtaining regulatory approvals Fac
Slide 6: About China Oceanwide
About China Oceanwide Privately held, family owned international financial holding group Founded by Chairman Lu and headquartered in Beijing, China Well-established and diversified business portfolio Broad range of financial assets in banking, securities and insurance sectors Leading real estate dev
Slide 7: Genworth Business Priorities
Genworth Business Priorities Genworth will operate independently under Genworth’s leadership team and maintain corporate headquarters in Richmond, Virginia Day-to-day operations are not expected to change as a result of this transaction Genworth will continue to focus on its long-term business prior
Slide 8: Path To Closing
Path To Closing Genworth stockholder approval Regulatory approvals Close Expected Mid-2017 Already in discussions with key state regulators (DE, NC, NY and VA) China, Canada, Australia and Mexico Committee On Foreign Investment In The United States (CFIUS) The preliminary proxy statement is expected
Slide 9: 3Q16 Preliminary Charges & Assumption Reviews Underway
3Q16 Preliminary Charges & Assumption Reviews Underway $260 to $300MM after-tax increase to LTC claim reserves, following completion of claim reserve review $275 to $325MM tax charge from lower projected profitability, including higher expected LTC claim costs Annual year-end assumption reviews unde
Slide 10: Key Takeaways
Key Takeaways The best price for Genworth stockholders through all-cash transaction with no financing contingencies Transaction eliminates downside risk for stockholders as a result of continued challenges facing Genworth and announced 3Q16 charges China Oceanwide is a credible financial sponsor wit
Slide 11: Important Information For Investors and Stockholders
Important Information For Investors and Stockholders In connection with the proposed transaction, Genworth Financial, Inc. (Genworth) intends to file a proxy statement with the U.S. Securities and Exchange Commission (SEC) in connection with the solicitation of proxies for a special meeting to be ca
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