LV

Money, investing, mutuals etc
planteria
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Re: LV

Post by planteria » Fri Dec 03 2021 9:06pm

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

parchedpeas
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Re: LV

Post by parchedpeas » Fri Dec 10 2021 4:38pm

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.

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Re: LV

Post by macliam » Fri Dec 10 2021 4:55pm

I have no dog in this fight, but it seemed to be a stitch-up, so I'm glad the shareholders asserted their power....
Just because I'm paranoid, it doesn't mean they're not out to get me

planteria
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Re: LV

Post by planteria » Fri Dec 10 2021 7:59pm

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

Official_Froggitt
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Re: LV

Post by Official_Froggitt » Fri Dec 10 2021 10:08pm

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

Official_Froggitt
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Re: LV

Post by Official_Froggitt » Fri Dec 10 2021 10:15pm

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.

Trustee
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LV

Post by Trustee » Sat Dec 11 2021 4:36pm

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.
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planteria
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Re: LV

Post by planteria » 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.
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Official_Froggitt
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Re: LV

Post by Official_Froggitt » Tue Dec 14 2021 4:30pm

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?
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planteria
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Re: LV

Post by planteria » Thu Dec 16 2021 9:13pm

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?
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