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Can anyone stop LV= being taken over by Bain – and why is it controversial?
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When retired teacher Duncan McGibbon heard that LV=, the pensions and life insurance mutual, was being bought by private equity giant Bain, he took matters into his own hands.
McGibbon, 72, launched a petition on Change.org calling on City regulators to block the demutualisation of the 178-year-old firm and its sale to US private equity house Bain Capital for £530m.
McGibbon is one of 1.2 million members who stand to receive about £100 each if the deal goes through, something he said was an “insult”.
A member for about a decade, he believes they have been left in the dark about a rival bid by mutual Royal London as well as what LV=’s chief executive and chairman may gain from choosing Bain over rival suitors. So far his petition has gained
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