LV= members block US private equity takeover

Approach by Bain Capital pitted group's leaders against campaigners and politicians in year-long battle

• Analysis: board's blunders buried Bain takeover

Members of the mutual insurer LV= have blocked a takeover by the US private equity firm Bain Capital, scuppering a year-long campaign by the company's board to secure backing for its preferred bidder.

Only 69% of the 174,240 members who cast ballots on Friday approved of the 530m takeover offer, whereas 75% of voting members were required to approve the deal.