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LV= members vote to block US private equity takeover
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Members of mutual insurer LV= have blocked a controversial takeover by US private equity firm Bain Capital.
Only 69% of members who cast ballots on Friday approved of the £530m takeover offer from Bain Capital, scuppering a year-long campaign by the LV=’s board to secure backing for its preferred bidder.
The vote required 75% of voting members to approve the deal.
It marks a victory for critics, including MPs and some members, who were concerned about losing one of Britain’s largest mutuals and
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