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

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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)