Bain Capital acquisition falls through as LV= member vote comes up short

Royal London makes "mutual merger" offer on condition of exclusivity

John Brazier
clock • 4 min read

The proposed acquisition of LV= by Bain Capital has fallen through after a member vote recorded 69% approval of the deal during a Special General Meeting today (10 December).

Despite the majority of LV= members supporting the Special Resolution to approve Bain Capital's takeover of LV=, the end result came up short on the 75% approval required. As a result, LV= have confirmed that the transaction "will no longer proceed" and "move swiftly to reassess its strategic options." Over 174,000 LV= members took part in the vote, representing just 15% of the provider's 1.16 million-strong membership, with 119,225 members (69% of the total count) voting in favour of the proposed demutualisation. However, 52,561 members, representing 31% of the total count, voted ...

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