Business Live: LV Board defends Bain agreement; MPs say the arm deal is unlikely to be implemented; The private equity outfit weighs the M&S purchase

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Business Live: LV Board defends Bain agreement; MPs say the arm deal is unlikely to be implemented; The private equity outfit weighs the M&S purchase


The LV board has upheld the decision to recommend insurer sales to US private equity firm Bain Capital, following fierce opposition to the deal by MPs, rival bidders and some policyholders.

President Alan Cook said: ‘We urge members to vote at the meetings on December 10 and vote in favor of the transaction with Bain Capital to protect their interests and the future of LV.’

The minister believes that the British computer chip designer arm is unlikely to be sold to an American firm and would welcome a return to the London stock market, Whitehall sources suggest.

Arm is one of the crown jewels of the UK technology sector but has struggled under the ownership of Japan’s SoftBank, which bought the company in 2016 for £ 24 billion.

US private equity giant Apollo Global Management is contemplating the purchase of Marks & Spencer.

The New York-based firm views this as a bargain, and the market has devalued its online distribution business with grocery giant Ocado, which bought a 50 per cent stake in 2019 for £ 750m.

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Bain Capital’s proposed LV acquisition has been met with fierce opposition from MPs, rival bidders and some policyholders.

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