The membership vote to sell mutual insurer LV= to Bain Capital has failed after too few members voted in favour of the deal at the Special General Meeting, leaving the firm's future uncertain.
While 69% of the 174,240 members present at the SGM voted in favour of the deal with the private equity firm, it fell below the 75% threshold required for the deal to pass. "Although 69% of voting members supported the Board's recommendation and voted in favour of the transaction with Bain Capital, the Board is disappointed not to have achieved the outcome that we believed was in the best interests of LV= and its members," said Alan Cook, chairman of LV=. LV= said the controversial deal, first announced in late 2020, would present the most positive outcome for all members i...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
