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

LONDON (Reuters) – Britain’s LV= said on Monday its chairman Alan Cook would step down after members of the mutual life insurer voted in December to reject a takeover approach by private equity giant Bain Capital.

Cook will be replaced in April by Seamus Creedon as part of a wider board reshuffle, the company said. LV= is currently in discussions to merge with rival Royal London.

LV= rejected a 530 million pound ($717 million) takeover bid in December from Bain Capital, a deal supported by Cook. A portion of the 1.2 million members who own LV= said they were not being sufficiently compensated for the loss of the insurer’s mutual status.

($1 = 0.7390 pounds)

(Reporting by Andres Gonzalez; Editing by Edmund Blair)