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LV= members vote to block US private equity takeover
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Members of mutual insurer LV= have blocked a controversial takeover by US private equity firm Bain Capital.
Only 69% of members who cast ballots on Friday approved of the £530m takeover offer from Bain Capital, scuppering a year-long campaign by the LV=’s board to secure backing for its preferred bidder.
The vote required 75% of voting members to approve the deal.
It marks a victory for critics, including MPs and some members, who were concerned about losing one of Britain’s largest mutuals and feared that transferring power to an American private equity firm would put an emphasis on short-term profits, at the expense of customer service and returns for members.
More details to follow…
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