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LV= enters bidding war for MGM Advantage

Chris Evans MGM Advantage 200

LV= has reportedly signalled an interest in buying MGM Advantage as part of MGM’s bid to raise £200m.

The Sunday Times reports LV= has entered a bidding war for MGM after it emerged in July the company was being put up for sale to boost its financial strength.

MGM chief executive Chris Evans (pictured) has been in advanced talks with private equity house TDR over the deal.

If MGM raises the £200m it needs, it would then close its traditional pensions and savings business to new customers.

The Sunday Times says a private equity sale could prove more complicated.

MGM has over £1.9bn of funds under management, 17,000 members and 250 staff. Members of the mutual insurer would not receive a windfall following the sale either to TDR or LV=. Any sale would be subject to regulatory approval.

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