LV to launch fresh charm offensive to get £530m Bain takeover approved
Insurance mutual LV is this week expected to stage a fresh charm offensive for member-owners to talk up the benefits of a £530m bid from US private equity firm Bain.
The takeover for the mutual formerly known as Liverpool Victoria has come into the spotlight after members balked at the prospect of just a £100 payment each, while the firm’s current bosses are reportedly set to pocket hefty payments if the Bain deal is given the green light by a shareholder vote in three weeks.
LV, according to the Sunday Times, is set to explain to shareholders that the upfront payment for passing the Bain deal would be followed by far greater value for investors in future years.
The move comes after fellow insurer Royal London last week made a fresh approach for LV that was quickly knocked back.
Bain’s bid has even ruffled feathers in Westminster, where both Tory and Labour MPs have said LV should be more transparent with who will benefit from the takeover.