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City regulator refuses to stop LV= members’ vote on sale to Bain Capital
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The City regulator has refused to intervene in a deal to sell the mutual LV= to a US private equity firm, despite an eleventh-hour plea by lawyers to try to delay Friday’s vote by members of the mutual to approve the controversial takeover.
The law firm Leigh Day, which is working on behalf of two LV= members, met with officials from the Financial Conduct Authority on Thursday in an attempt to put the brakes on a £530m deal that would end the firm’s member-owned status and put it in the hands of Bain Capital.
The lawyers have been urging the FCA to withdraw a statement from October in which the regulator said it would not object to either the takeover or plans to demutualise LV=. They have raised concerns about how the mutual’s leadership
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