Genworth

The insurer’s stock has consistently been above its initial $19-per-share price, unlike those of the mortgage originators who recently went public.

The transaction could raise as much as $306 million in gross proceeds.

Stock prices for the four stand-alone MI companies have declined significantly since the start of May.

After the spinoff and a concurrent private sale to Bayview Asset Management, Genworth Financial will still own 80% of the rebranded Enact.

The inevitable cancellation of the takeover transaction by China Oceanwide means Genworth will be spinning out a portion of its U.S. mortgage insurance business.

While the agreement with China Oceanwide still remains in place, there was no formal extension of the Dec. 31 deadline.

The parties are looking at having the deal done by the end of 2020, once China's currency regulator agrees to the transfer of funds.

China Oceanwide said it was not able to meet with Hony Capital to finalize the terms and conditions because of the pandemic.

Neither side opted to invoke their Aug. 31 termination rights and the deal is set to close by the end of September.

Most of the proceeds will be used to deal with debt maturities, with the rest held by the MI unit's parent.