Insurance firm says rival wants to break it up and US private equity group offers better deal
The mutual insurance firm LV= has rejected fresh overtures from rival insurer Royal London, saying it had proposed a dismantling of the business and called on members to back a planned takeover by the US private equity firm Bain Capital.
The 178-year-old firm, originally known as Liverpool Victoria, wants to sell itself to Bain Capital for £530m, in a controversial deal that would end its member-owned status if its members back the takeover in a December vote.
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