By Reuters Staff
(Corrects typographical error in first paragraph)
May 13 (Reuters) - Insurer Genworth Financial Inc said on Thursday it had deferred the initial public offering of its mortgage insurance unit, Enact Holdings, citing significant trading volatility in the sector.
“Genworth’s Board of Directors determined that current market pricing for the planned offering does not accurately reflect Enact’s value,” Genworth Chief Executive Officer Tom McInerney, said.
McInerney said Genworth will continue to evaluate its options as market conditions develop.
The listing was proposed after a $2.7 billion buyout agreement between Genworth and billionaire Lu Zhiqiang’s investment firm, China Oceanwide Holdings Group Co, fell through last month.
By Reuters Staff
(Corrects typographical error in first paragraph)
(Reuters) -Insurer Genworth Financial Inc said on Thursday it had deferred the initial public offering of its mortgage insurance unit, Enact Holdings, citing significant trading volatility in the sector.
“Genworth’s Board of Directors determined that current market pricing for the planned offering does not accurately reflect Enact’s value,” Genworth Chief Executive Officer Tom McInerney, said.
McInerney said Genworth will continue to evaluate its options as market conditions develop.
The listing was proposed after a $2.7 billion buyout agreement between Genworth and billionaire Lu Zhiqiang’s investment firm, China Oceanwide Holdings Group Co, fell through last month.