L&G has made an approach for Cofunds, in which it has a 25% stake, in a deal which could value the supermarket at up to £200m, according to reports.
The Sunday Telegraph reports that Mark Gregory, L&G's group executive director of savings, approached Charlie Eppinger, Cofunds' chairman, with a written expression of interest last month. The insurer's executive management team, led by outgoing chief executive Tim Breedon, is understood to want to build out its fund platform, according to the paper. However, the offer could be usurped following early-stage interest from private equity house Bridgepoint, which is understood to want to speak to Cofunds' board. In addition to L&G's stake, IFDS owns 24% of Cofunds, US investor Newhous...
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