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Bain Thwarted in Yearlong Effort to Buy U.K. Insurer LV=

  • Bain failed to convince enough LV= members to back takeover
  • A deal with Royal London would preserve LV=’s mutual status
Updated on

Royal London made a fresh proposal to merge with rival insurance mutual LV=, minutes after an offer by Bain Capital to buy the struggling firm failed to secure the support of members.

The proposal is a “substantively different structure” to the offer Royal London made last year when LV= began searching for a cash injection, LV= said in response Friday. “The board will consider this proposal seriously,” it added.