imutual.co.uk

i still haven't read the pack, but may decide the same. what's the deadline date?

They failed to get it through on the cheap.

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.

https://www.theguardian.com/business/20 ... y-takeover

Good.

No idea what happens now.

I have no dog in this fight, but it seemed to be a stitch-up, so I'm glad the shareholders asserted their power....

ah so i missed it and didn't even vote. not unhappy with that outcome though, on the face of it, but yes, what happens now will be interesting.

https://www.lv.com/members/vote-results

1.01 what happens next is a nil premium takeover by Royal London, like they did with Royal Liver. Members will get nothing.

parchedpeas wrote: ↑

Wed Dec 01 2021 2:20pm

Have no idea what's best for the company, but voted no (x2) in this house for the derisory £100 offer.

I'd rather make them try harder.

Its a crap company, badly run, worth buttons. They spunked a billion up the wall from the sale of the general insurance business.

That's why the best of 12 offers ended up at £100 a member, plus pennies for WP members. Bain offered just over £500m, its now worth £40m less which is what they spent on this failed attempt. Presumably there's another £40m down the toilet when Royal London come knocking at the door.

They were desperately doing a ring around to try to get more votes online after the postal deadline.. I had a call despite marketing preferences saying contact by mail only etc. naughty.

that's interesting Trustee, they didn't call me or any of my family.
i strongly suspect that Froggitt will be right re the outcome, unfortunately.
it would be 'nice' if LV policies which provide membership then provide membership of RLon.

planteria wrote: ↑

Sat Dec 11 2021 9:20pm

that's interesting Trustee, they didn't call me or any of my family.
i strongly suspect that Froggitt will be right re the outcome, unfortunately.
it would be 'nice' if LV policies which provide membership then provide membership of RLon.

I also got a phone call. Wonder how much a couple of million phone calls cost.

Surely you're already got 20 years RL membership baked in, so an RL takeover and membership is worthless?

perhaps you're right Froggitt. it may be that i would look to close some policies. or maybe we could even see a RLon demutualisation one day.. and if so, perhaps a payment for each product which provides membership, or perhaps a payment based upon the total value of qualifying policies?