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LV= chairman to step down amid takeover approach by Royal London -Breaking

by Mike Robinson

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© Reuters.

LONDON (Reuters – Britain’s LV= has announced that Alan Cook, its chairman, will resign on Monday after the mutual insurance company rejected a Bain Capital offer to take over.

Seamus Creedon will replace Cook in April as part of an overall board reshuffle. LV= currently has discussions with Royal London to merge.

In December, Bain Capital’s 530 million pound (or $717 million) bid to buy LV= was rejected by the company. Cook supported this deal. Some 1.2 million members of LV= claimed that they weren’t receiving enough compensation for their loss in mutual status.

($1 = 0.7390 pounds)

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