Bain Capital takeover loses crucial LV= member vote

LV= chair Cook to step down

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.

While 69% of the174,240 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= panel initially rejected Bain Capital deal in favour of Royal London bid - reports LV= said the controversial deal, firs...