Today news
About the same in other media
LV= sale to Bain might have gone through but for its board’s blunders
Reading now: 128
A triumph for the mutual movement? Well, a messy triumph at best. The £530m deal to sell LV= to private equity firm Bain Capital is dead, but 69% of votes were cast in favour. Such are the perils of requiring a 75% supermajority. Sometimes you end up with a muddle.
But the outcome is definitely a defeat for an LV= board that failed to pitch its case coherently, ignored the swelling opposition to the takeover until too late and never truly grasped that a US private equity takeover of a mutual organisation would stir strong feelings. Rather than depart after trying to find “a way forward”, Alan Cook, the chairman, would do better to go immediately. His position looks untenable.
Cook & co’s first mistake was not to seek a formal mandate to sell
Read more on theguardian.comAbout this in other media
BNP Paribas agrees to $16.3bn sale of Bank of the West to BMO Financial Group fnlondon.com /2 years ago
Creating a pathway for crypto market growth through better regulation cointelegraph.com /2 years ago
Rishi Sunak forced to return to UK for crisis talks with business theguardian.com /2 years ago
Show more
The website finance-news.co is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
