LV= has hit back after rival mutual Royal London intervened in its proposed sale to private equity house Bain Capital saying the deal still represented the best outcome for members.
In a detailed statement on the deal, Alan Cook, chairman of LV=, said despite having "every opportunity", Royal London had failed to submit a superior best and final offer, and so the LV= board unanimously concluded that the "better value, certainty, investment and structure of Bain Capital's proposal would be in the best interests of our members". He said: "The board of LV= is clear that at no point have any of Royal London's proposals included an offer for membership rights or continuation of mutuality for LV= members, contrary to media speculation. Given this context, the board of LV=...
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