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LV= rejects revised Royal London offer and backs Bain takeover
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The mutual insurance firm LV= has rejected fresh overtures from rival insurer Royal London, saying it had proposed a dismantling of the business and called on members to back a planned takeover by the US private equity firm Bain Capital.
The 178-year-old firm, originally known as Liverpool Victoria, wants to sell itself to Bain Capital for £530m, in a controversial deal that would end its member-owned status if its members back the takeover in a December vote.
Royal London, which had an earlier bid for the company rejected, last week proposed a deal to Bain Capital that would involve splitting parts of LV= with the US investment firm. The Mail on Sunday reported that it suggested in an email to the LV= chief executive, Mark Hartigan, that it
Read more on theguardian.comAbout this in other media
LV= takeover may create conflicts of interest, says boss of trade body theguardian.com /3 years ago
LV= to be taken over by offshore firm if Bain deal goes ahead theguardian.com /3 years ago
LV= fights back on Bain deal with ‘£212m more for members’ claim theguardian.com /3 years ago
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