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LV= sale to Bain might have gone through but for its board’s blunders
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A triumph for the mutual movement? Well, a messy triumph at best. The £530m deal to sell LV= to private equity firm Bain Capital is dead, but 69% of votes were cast in favour. Such are the perils of requiring a 75% supermajority. Sometimes you end up with a muddle.
But the outcome is definitely a defeat for an LV= board that failed to pitch its case coherently, ignored the swelling opposition to the takeover until too late and never truly grasped that a US private equity takeover of a mutual
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