A proxy statement will be filed with the U.S. Securities and Exchange Commission by Genworth Financial Inc (NYSE:GNW) in relation to the China Oceanwide transaction. The mailing of the definitive proxy materials will begin immediately.

At the same time, there will be a special meeting of stockholders of Genworth which will take place on March 7, 2017, in Richmond, Virginia. Class A common stockholders who were, or still are, on the record on January 17, 2017, will be able to vote on the merger.

The recommendation from the board of directors of Genworth is that stockholders approve the merger agreement’s proposal. To move ahead with the proposal which seeks for the adoption of the merger agreement, a majority of Class A common stockholders will be required to vote in the affirmative.

If the approval is given and the merger process is completed successfully, common stockholders of the Genworth stock will have their stock converted to a right to get $5.43 in cash for each share held. Applicable withholding taxes will be deducted and there will be no interest paid. The exception to this will be stockholders who dissent and demand appraisal under Delaware law in a timely and proper manner.

More than three months ago, China Oceanwide Holdings Group sought to acquire Genworth Financial in a deal worth about $2.7 billion. China Oceanwide is a family-owned and privately held business. Besides committing to purchase all the outstanding shares of Genworth, Oceanwide also agreed to pay off the debt of the Richmond, Virginia-based firm as well as charges from its life insurance business.

The deal came as Chinese firms turned to acquiring assets overseas in a bid to diversify and shore up revenues following the slowing of the Chinese economy as well as the weakening of the yuan. In 2016, for instance, the merger and acquisition activity by Chinese firms increased by around 70 percent compared to the previous year.

In Monday’s trading, shares of Genworth Financial Inc fell by 3.79 percent to close the day at $3.30.