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=...
To continue reading this article...
Join Professional Adviser for free
- 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