LV= fights back on Bain deal with ‘£212m more for members’ claim
The mutual insurer LV= has claimed that a takeover by the private equity firm Bain Capital will result in £212m in extra distributions for members, as it tried to fight back against criticism of its decision to demutualise.
The 178-year-old life insurance and pensions provider, formerly known as Liverpool Victoria, has accepted an approach by the US private equity firm Bain Capital for £530m, in a controversial deal that would end its member-owned status. However, members must back the takeover in a vote on 10 December.
The majority would receive a payout of only £100 from the deal, a sum that has been criticised by some as a meagre return for the loss of mutual status and the prospect of ownership by a private equity firm, which often insist
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