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117-676: Liverpool Victoria , trading since May 2007 as LV= , is one of the United Kingdom's largest insurance companies. It offers a range of insurance and retirement products. The first known meeting of the Liverpool Victoria Friendly Society was in March 1843 but there is no record of the members of the committee or its incorporation or rules. The anniversary history described it as starting without any subscribed capital, or influence and little experience. All that

234-508: A WIPO law suit . In recent years the society has promoted itself through sponsorship of sport. As Liverpool Victoria, it sponsored the UK Snooker Championship from 1997–2000. It has sponsored the cricket County Championship since 2002, initially (2002–2005) as Frizzell (the name of an old established insurance business acquired in 1996), in 2006 as Liverpool Victoria and since 2007 as LV=. In rugby union , LV= signed

351-399: A "loan note alternative" that allows shareholders to take a part or all of their consideration in loan notes rather than cash. This is done primarily to make the offer more attractive in terms of taxation . A conversion of shares into cash is counted as a disposal that triggers a payment of capital gains tax , whereas if the shares are converted into other securities , such as loan notes,

468-458: A broker of motor and household insurance policies. A new subsidiary company, Liverpool Victoria Insurance Company Limited, was established in 1996 in order to underwrite the Frizzell business, which was augmented in 1997 by the acquisition of the motor and household policies of Landmark Insurance. In 2006 it acquired ABC Insurance, a start-up insurance company established by John O'Roarke, formerly

585-551: A change in management. In all of these ways, management resists the acquisition, but it is carried out anyway. In the United States, a common defense tactic against hostile takeovers is to use section 16 of the Clayton Act to seek an injunction, arguing that section 7 of the act, which prohibits acquisitions where the effect may be substantially to lessen competition or to tend to create a monopoly, would be violated if

702-671: A city which also suffered severe aerial bombing during the war. In the 1950s and 1960s, much of the immediate reconstruction that took place in the city centre proved to be deeply unpopular. The historic portions of the city that had survived German bombing suffered extensive destruction during urban renewal. It has been argued that the so-called "Shankland Plan" of the 1960s, named after the town planner Graeme Shankland , led to compromised town planning and vast road-building schemes that devastated and divided inner city neighbourhoods. Concrete brutalist architecture , compromised visions, botched projects and grand designs that were never realised became

819-543: A commercial head office moving out of Liverpool. A wider range of product was being offered to customers and in 1906, to recognise this, the Society proposed to convert to a limited liability company. This was fiercely contested through the courts and it was not until 1907 that arbitrators ruled that a subsidiary could be formed “for the transaction of business outside the Society’s scope”. The development of new business lines

936-415: A company acquiring another pays a specified amount for it. This money can be raised in a number of ways. Although the company may have sufficient funds available in its account, remitting payment entirely from the acquiring company's cash on hand is unusual. More often, it will be borrowed from a bank , or raised by an issue of bonds . Acquisitions financed through debt are known as leveraged buyouts , and

1053-417: A company an easier takeover target. When the company gets bought out (or taken private) – at a dramatically lower price – the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce the company's stock price. This can represent tens of billions of dollars (questionably) transferred from previous shareholders to the takeover artist. The former top executive

1170-422: A contract to be the exclusive provider of road rescue services to the customers of Asda . General insurance products are also sold through white label partnership arrangements including Nationwide Building Society , and CSMA Club , the latter arrangement dating back to 1923. The general insurance business of LV= has its origins in the acquisition in 1996 of Frizzell , a business founded in 1923, which acted as

1287-768: A high-risk position. High leverage will lead to high profits if circumstances go well but can lead to catastrophic failure if they do not. This can create substantial negative externalities for governments, employees, suppliers and other stakeholders . Corporate takeovers occur frequently in the United States , Canada , United Kingdom , France and Spain . They happen only occasionally in Italy because larger shareholders (typically controlling families) often have special board voting privileges designed to keep them in control. They do not happen often in Germany because of

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1404-556: A joint European Capital of Culture for 2008. The celebrations included the erection of La Princesse , a large mechanical spider 20 metres high and weighing 37 tonnes, which represented the "eight legs" of Liverpool: honour, history, music, the Mersey, the ports, governance, sunshine and culture. La Princesse roamed the streets of the city during the festivities, and concluded by entering the Queensway Tunnel . Spearheaded by

1521-401: A new market without having to take on the risk, time and expense of starting a new division. An acquiring company could decide to take over a competitor not only because the competitor is profitable, but in order to eliminate competition in its field and make it easier, in the long term, to raise prices. Also a takeover could fulfill the belief that the combined company can be more profitable than

1638-525: A pioneer of scientific toponymy in Wales, in "Place Names of North Wales", does not attempt to explain it beyond noting that " lleifiad " is used as a Welsh equivalent of "Liver". A derivative form of a learned borrowing into Welsh ( * llaf ) of Latin lāma (slough, bog, fen) to give " lleifiad " is possible, but unproven. In the Middle Ages , Liverpool existed firstly as farmland within

1755-628: A previous purchase of shares. In particular: The Rules Governing the Substantial Acquisition of Shares, which used to accompany the Code and which regulated the announcement of certain levels of shareholdings, have now been abolished, though similar provisions still exist in the Companies Act 1985 . There are a variety of reasons why an acquiring company may wish to purchase another company. Some takeovers are opportunistic –

1872-469: A public perception that private entities are more efficiently run, reinforcing the political will to sell off public assets. Takeovers also tend to substitute debt for equity. In a sense, any government tax policy of allowing for deduction of interest expenses but not of dividends , has essentially provided a substantial subsidy to takeovers. It can punish more-conservative or prudent management that does not allow their companies to leverage themselves into

1989-480: A publicly held asset or non-profit organization undergoes privatization . Top executives often reap tremendous monetary benefits when a government owned or non-profit entity is sold to private hands. Just as in the example above, they can facilitate this process by making the entity appear to be in financial crisis. This perception can reduce the sale price (to the profit of the purchaser) and make non-profits and governments more likely to sell. It can also contribute to

2106-407: A regenerated Albert Dock which proved to be a catalyst for further regeneration. In the mid-1990s, the city enjoyed growth rates higher than the national average. At the end of the 20th century, Liverpool was concentrating on regeneration, a process that continues today. Ongoing regeneration combined with the hosting of internationally significant events has helped to re-purpose Liverpool as one of

2223-483: A takeover of a company consists of simply an offer of an amount of money per share (as opposed to all or part of the payment being in shares or loan notes), then this is an all-cash deal. The purchasing company can source the necessary cash in a variety of ways, including existing cash resources, loans, or a separate issue of company shares . Takeovers in the UK (meaning acquisitions of public companies only) are governed by

2340-416: A takeover often involves loans or bond issues which may include junk bonds as well as a simple cash offers. It can also include shares in the new company. A friendly takeover is an acquisition which is approved by the management of the target company. Before a bidder makes an offer for another company, it usually first informs the company's board of directors . Ideally, if the board feels that accepting

2457-534: A three-year sponsorship deal with Premiership club Harlequins in October 2008, and in October 2009 signed a two-year deal to become title sponsor of the Anglo-Welsh Cup . The 2023 Ashes series is sponsored by LV=. In 2007, for the first time in the society's history, television advertising was employed for car insurance and life assurance, the former featuring the song " Have Love, Will Travel ", and

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2574-428: Is also home to the UK's oldest surviving classical orchestra ( Royal Liverpool Philharmonic Orchestra ) and repertory theatre ( Liverpool Playhouse ). In 1864, Peter Ellis built the world's first iron-framed, curtain-walled office building, Oriel Chambers , which was a prototype of the skyscraper. The UK's first purpose-built department store was Compton House , completed in 1867 for the retailer J.R. Jeffrey. It

2691-639: Is also the home of the earliest black community in the UK , the earliest Chinese community in Europe , and the first mosque in England. The name comes from the Old English lifer , meaning thick or muddy water, and pōl , meaning a pool or creek, and is first recorded around 1190 as Liuerpul . According to the Cambridge Dictionary of English Place-Names , "The original reference

2808-418: Is beyond dispute, claims are sometimes made that the name Liverpool is of Welsh origin, but these are without foundation. The Welsh name for Liverpool is Lerpwl , from a former English local form Leerpool. This is a reduction of the form "Leverpool" with the loss of the intervocalic [v] (seen in other English names and words e.g. Daventry (Northamptonshire) > Danetry, never-do-well > ne’er-do-well). In

2925-456: Is known is that its President was a William Fenton, who also became treasurer and is believed to be the driving force behind the Society’s early growth. However, its objectives were clearly set out in its first report in September 1843. “The great object of this Society is to afford the poorer classes of the community the means of providing for themselves and their children a decent interment at

3042-570: Is named after the city. As early as 1851, the city was described as "the New York of Europe". During the late 19th and early 20th century, Liverpool was attracting immigrants from across Europe. This resulted in the construction of a diverse array of religious buildings in the city for the new ethnic and religious groups, many of which are still in use today. The Deutsche Kirche Liverpool , Greek Orthodox Church of St Nicholas , Gustav Adolf Church and Princes Road Synagogue were all established in

3159-469: Is often used as a filming location due to its distinctive architecture , and was the fifth most visited UK city by foreign tourists in 2022. It is the only UNESCO City of Music in England and has produced countless musicians , most notably the Beatles , who are widely regarded as the most influential band of all time ; musicians from the city have released more UK No. 1 hit singles than anywhere else in

3276-410: Is said to have been designed by King John near the same time it was granted a royal charter , making it a borough. The original seven streets were laid out in the shape of a double cross: Bank Street (now Water Street ), Castle Street , Chapel Street , Dale Street , Juggler Street (now High Street ), Moor Street (now Tithebarn Street ) and Whiteacre Street (now Old Hall Street ). Liverpool Castle

3393-572: Is the world's oldest existing organisation devoted to the promotion of spaceflight . Its journal, the Journal of the British Interplanetary Society , is the longest-running astronautical publication in the world. Takeover Management of the target company may or may not agree with a proposed takeover, and this has resulted in the following takeover classifications: friendly, hostile, reverse or back-flip. Financing

3510-466: Is then rewarded with a golden handshake for presiding over the fire sale that can sometimes be in the hundreds of millions of dollars for one or two years of work. This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of being very generous to parting top executives. This is just one example of a principal-agent problem, otherwise regarded as perverse incentive . Similar issues occur when

3627-487: The Solvency 2 capital regime which will apply to all EU insurance companies from 1 January 2016. Liverpool Victoria Friendly Society Limited was deregistered as a friendly society and registered as Liverpool Victoria Financial Services Ltd. on 2 January 2020 with the company focusing on life insurance, pensions and investments. Allianz is now the sole shareholder of Liverpool Victoria General Insurance. Although most of

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3744-568: The British Armed Forces , settled in Liverpool and other port cities. In June 1919, they were subject to attack by whites in racial riots; residents in the port included Swedish immigrants , and both groups had to compete with native people from Liverpool for jobs and housing. In this period, race riots also took place in other port cities. The Housing Act 1919 resulted in mass council housing being built across Liverpool during

3861-506: The City Code on Takeovers and Mergers , also known as the 'City Code' or 'Takeover Code'. The rules for a takeover can be found in what is primarily known as 'The Blue Book'. The Code used to be a non-statutory set of rules that was controlled by city institutions on a theoretically voluntary basis. However, as a breach of the Code brought such reputational damage and the possibility of exclusion from city services run by those institutions, it

3978-545: The English Civil War , including a brief siege in 1644. In 1699, the same year as its first recorded slave ship , Liverpool Merchant , set sail for Africa, Liverpool was made a parish by Act of Parliament . But arguably, the legislation of 1695 that reformed the Liverpool council was of more significance to its subsequent development. Since Roman times , the nearby city of Chester on the River Dee had been

4095-577: The European Capital of Culture in 2008, which was reported to have generated over £800 million for the local economy within a year. The economy of Liverpool is diversified and encompasses tourism, culture , maritime , hospitality , healthcare , life sciences , advanced manufacturing, creative , and digital sectors. The city is home to the UK's second highest number of art galleries , national museums , listed buildings , and parks and open spaces , with only London having more. It

4212-551: The Eurovision Song Contest 2023 . Liverpool has been a centre of invention and innovation. Railways, transatlantic steamships , municipal trams, and electric trains were all pioneered in Liverpool as modes of mass transit. In 1829 and 1836, the first railway tunnels in the world were constructed under Liverpool ( Wapping Tunnel ). From 1950 to 1951, the world's first scheduled passenger helicopter service ran between Liverpool and Cardiff . The first School for

4329-584: The Great War was marked by social unrest, as society grappled with the massive war losses of young men, as well as trying to re-integrate veterans into civilian life and the economy. Unemployment and poor living standards greeted many ex-servicemen. Union organising and strikes took place in numerous locations, including a police strike in Liverpool among the City Police . Numerous colonial soldiers and sailors from Africa and India, who had served with

4446-667: The Macgregor Laird expedition to the Niger River, at that time in progress. This is to a painting by Samuel Austin , Liverpool, from the Mersey . Britain was a major market for cotton imported from the Deep South of the United States, which fed the textile industry in the country. Given the crucial place cotton held in the city's economy, during the American Civil War Liverpool was, in

4563-525: The Paradise Project , a £920 million development based on Paradise Street . This produced one of the most significant changes to Liverpool's city centre since the post-war reconstruction. Renamed as ' Liverpool One ,' the centre opened in May 2008. In 2007, events and celebrations took place in honour of the 800th anniversary of the founding of the borough of Liverpool. Liverpool was designated as

4680-570: The Queensway Tunnel linking Liverpool and Birkenhead . Described as "the eighth wonder of the world" at the time of its construction, it was the longest underwater tunnel in the world for 24 years. In 1897, the Lumière brothers filmed Liverpool, including what is believed to be the world's first tracking shot , taken from the Liverpool Overhead Railway , the world's first elevated electrified railway. The Overhead Railway

4797-561: The River Dee continued to silt up, Liverpool began to grow with increasing rapidity. The first commercial wet dock was built in Liverpool in 1715. Substantial profits from the slave trade and tobacco helped the town to prosper and rapidly grow, although several prominent local men, including William Rathbone , William Roscoe and Edward Rushton , were at the forefront of the local abolitionist movement . The 19th century saw Liverpool rise to global economic importance. Pioneering, world first , technology and civic facilities launched in

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4914-477: The West Derby Hundred before growing in to a small town of farmers, fishermen and tradesmen and tactical army base for King John of England . The town was planned with its own castle , although due to outbreaks of disease and its subordinance to the nearby Roman port of Chester , the town's growth and prosperity stagnated until the late 17th and early 18th centuries. Substantial growth took place in

5031-482: The sea-holly was Liverpool's final choice. The initiative was designed to highlight growing threats to the UK's flower species and also ask the public about which flowers best represented their county. Capitalising on the popularity of 1960s rock groups, such as the Beatles , as well as the city's world-class art galleries, museums and landmarks, tourism and culture have become a significant factor in Liverpool's economy. In 2004, property developer Grosvenor started

5148-484: The " Merseybeat " sound, which became synonymous with the Beatles and fellow Liverpudlian rock bands. Influenced by American rhythm and blues and rock music, they also in turn strongly affected American music. The Beatles became internationally known in the early 1960s and performed around the world together ; they were, and continue to be, the most commercially successful and musically influential band in popular history. Their co-founder, singer, and composer John Lennon

5265-537: The 1800s to serve Liverpool's growing German, Greek, Nordic and Jewish communities, respectively. One of Liverpool's oldest surviving churches, St. Peter's Roman Catholic Church , served the Polish community in its final years as a place of worship. The 20th century saw Liverpool's established rank as a global economic powerhouse challenged. Its strategic location as an international seaport made it particularly vulnerable in two World wars . Economic depressions (both in

5382-568: The 1840s when Irish migrants began arriving by the hundreds of thousands as a result of the Great Famine . While many Irish settled during this time in the city, a large percentage also emigrated to the United States or moved to the industrial centres of Lancashire , Yorkshire and the Midlands . In her poetical illustration "Liverpool" (1832), which celebrates the city's worldwide commerce, Letitia Elizabeth Landon refers specifically to

5499-480: The 1920s and 1930s. In the 1920s and 1930s, as much as 15% of the city's population (around 140,000 people) was relocated from the inner-city to new purpose built, lower density suburban housing estates, based on the belief that this would improve their standard of living, though the overall benefits have been contested. Numerous private homes were also built during this era. During the Great Depression of

5616-411: The 19th century, some Welsh publications used the name " Lle'r Pwll " ("(the) place (of) the pool"), a reinterpretation of Lerpwl , probably in the belief that " Lle'r Pwll " was the original form. Another name, which is widely known even today, is Llynlleifiad , again a 19th-century coining. " Llyn " is pool, but " lleifiad " has no obvious meaning. G. Melville Richards (1910–1973),

5733-487: The ABC Insurance and Highway brands, through insurance brokers. This latter distribution channel (known collectively as LV= Broker) was boosted in October 2008 by the £150 million acquisition of Highway Insurance Group PLC, following a successful public offering for its shares . Since 2007 the general insurance division has also owned Britannia Rescue, the UK's fourth largest road rescue business, which in 2009 won

5850-822: The Blind , Mechanics' Institute , High School for Girls, council house, and Juvenile Court were all founded in Liverpool. Charities such as the RSPCA , NSPCC , Age Concern , Relate , and Citizen's Advice Bureau all evolved from work in the city. The first lifeboat station, public bath and wash-house, sanitary act, medical officer for health ( William Henry Duncan ), district nurse, slum clearance , purpose-built ambulance, X-ray medical diagnosis, school of tropical medicine ( Liverpool School of Tropical Medicine ), motorised municipal fire-engine, free school meal, cancer research centre, and zoonosis research centre all originated in Liverpool. The first British Nobel Prize

5967-451: The L&;G branding. Life assurance products covering with-profits assurance, term assurance , whole life insurance , annuities and equity release mortgages are provided by Liverpool Victoria Friendly Society Limited and Liverpool Victoria Life Company Limited. Since January 2008 the product range has been augmented by flexible retirement pensions and equity release schemes through

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6084-585: The LV= group as part of the 1996 Frizzell acquisition, provided loans and credit cards until 2007 when the business was closed following heavy losses. In 2008 the company was fined £840,000 by the FSA in connection with its past sale of payment protection insurance alongside loans. Victoria House in Bloomsbury Square , London, was built for Liverpool Victoria in the 1920s and remained its head office until

6201-530: The Mersey, and the CSS Shenandoah surrendered there (being the final surrender at the end of the war). The city was also the center of Confederate purchasing war materiel, including arms and ammunition, uniforms, and naval supplies to be smuggled by British blockade runners to the South . For periods during the 19th century, the wealth of Liverpool exceeded that of London, and Liverpool's Custom House

6318-752: The National Olympian Association in Liverpool, a forerunner of the British Olympic Association . Its articles of foundation provided the framework for the Olympic Charter . A concept devised by retail entrepreneur David Lewis , the first Christmas grotto opened in Lewis's department store in Liverpool in 1879. Sir Alfred Lewis Jones , a shipowner, introduced bananas to the UK via Liverpool's docks in 1884. The Mersey Railway , opened in 1886, incorporated

6435-540: The Queen recognised Liverpool as "one of the most distinctive and energetic parts of the United Kingdom", and paid tribute to the city's "major orchestras, world-class museums and galleries". She also acknowledged Liverpool's bid to become the European Capital of Culture . To celebrate the Golden Jubilee of Elizabeth II in 2002, the conservation charity Plantlife organised a competition to choose county flowers ;

6552-526: The UK's first Underwriters' Association and the first Institute of Accountants . The Western world's first financial derivatives (cotton futures) were traded on the Liverpool Cotton Exchange in the late 1700s. In the arts, Liverpool was home to the first lending library ( The Lyceum ), athenaeum society ( Liverpool Athenaeum ), arts centre ( Bluecoat Chambers ), and public art conservation centre ( National Conservation Centre ). It

6669-455: The UK's third-biggest motor insurer with an 11% market share. The transformation of the business was acknowledged by receiving the accolade of General Insurer of the Year at the 2012 British Insurance awards. In 2017, LV= concluded a deal with Allianz to sell its general insurance division for a deal worth up to £1bn. This would mean the commercial lines of the insurer would go to Allianz, with

6786-414: The United Kingdom and across the world), changing housing patterns and containerisation in the maritime industry contributed to a downtrend in the city's productivity and prosperity. Despite this, the city's influence on global popular culture excelled and by the end of the century, the continuing process of urban renewal paved the way for the redefined modern city of the 21st century. The period after

6903-660: The United Kingdom and the largest settlement in Merseyside. It is part of the Liverpool City Region , a combined authority with a population of over 1.5 million. Established as a borough in Lancashire in 1207, Liverpool became a significant town in the late 17th century, when the port at nearby Chester began to silt up. The Port of Liverpool became heavily involved in the Atlantic slave trade , with

7020-443: The acquiring company makes a public offer at a fixed price above the current market price . An acquiring company can also engage in a proxy fight , whereby it tries to persuade enough shareholders, usually a simple majority , to replace the management with a new one which will approve the takeover. Another method involves quietly purchasing enough stock on the open market, known as a creeping tender offer or dawn raid , to effect

7137-615: The acquisition from Swiss Re of the former G E Life businesses in the United Kingdom. In 1999 Liverpool Victoria was heavily criticised in a report by the Personal Investment Authority for "serious and widespread compliance failings" including hiring inept staff who offered customers poor financial advice. The society was fined £900,000, the largest fine ever handed out by the PIA at the time. Liverpool Victoria Life Company Limited, then known as Permanent Insurance,

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7254-411: The area. More immigrants arrived after World War II, mostly settling in older inner-city areas such as Toxteth , where housing was less expensive. The black population of Liverpool was recorded at 1.90% in 2011. In the 2021 Census , 5.2% described themselves as black African, Caribbean, mixed white and black African, mixed white and Caribbean or 'other black'. In the 1960s, Liverpool was the centre of

7371-458: The best insurance business in the UK for customer satisfaction and seventh best across all UK businesses, with only one other insurer in the Top 50. General insurance products covering motor , home , pet , travel and small business insurance are provided by Liverpool Victoria Insurance Company Limited. Some products are sold both directly to the public over the telephone and internet and, under

7488-522: The central government in London. Liverpool in the 1980s has been labelled as Britain's 'shock city'. Once the second city of the British Empire which rivalled the capital city in global significance, Liverpool had collapsed in to its 'nadir' at the depths of post-colonial , post-industrial Britain. In the late 20th century, Liverpool's economy began to recover. The late 1980s saw the opening of

7605-538: The city and form an important part of the economy. In June 2014, Prime Minister David Cameron launched the International Festival for Business in Liverpool, the world's largest business event in 2014, and the largest in the UK since the Festival of Britain in 1951. The Labour Party has chosen Liverpool numerous times since the mid 2010s for their annual Labour Party Conference . Liverpool hosted

7722-550: The city to serve the accelerating population which was fuelled by an influx of ethnic and religious communities from all around the world. By the start of the 19th century, a large volume of trade was passing through Liverpool, and the construction of major buildings reflected this wealth. In 1830, Liverpool and Manchester became the first cities to have an intercity rail link, through the Liverpool and Manchester Railway . The population continued to rise rapidly, especially during

7839-481: The city's docks became largely obsolete, and dock workers were made unemployed. By the early 1980s, unemployment rates in Liverpool were among the highest in the UK, standing at 17% by January 1982 although, this was about half the level of unemployment that had affected the city during the Great Depression some 50 years previously. During this period, Liverpool became a hub of fierce left-wing opposition to

7956-484: The city. By the 2020s, urban regeneration throughout the city continues. Liverpool Waters , a mixed-use development in the city's disused northern docklands, has been identified as one of the largest megaprojects in the UK's history. Everton's new stadium at Bramley-Moore Dock was regarded as the largest single-site private sector development in the United Kingdom at the time of construction. Major events, business and political conferences regularly take place in

8073-401: The company relocated to Bournemouth in 1996. Following the appointment of Mike Rogers as the new Chief Executive in 2006, LV= has undergone significant change in an effort to modernise its image and to re-invent itself in the face of the gradual industry-wide decline in with-profits assurance. On 25 July 2016 Richard Rowney replaced Mike Rogers as CEO. In early 2007 the name Liverpool Victoria

8190-516: The company to Bain Capital for a reported £530m. In August 2011 it was announced that the fund management services and OEIC S provided by Liverpool Victoria Asset Management Limited and Liverpool Victoria Portfolio Managers Limited would be transferred to Threadneedle Asset Management as LV= had failed to achieve sufficient scale, despite having some £8 billion of funds under management. Liverpool Victoria Banking Services Limited, which came into

8307-581: The company's profitability appear temporarily poorer, or simply promote and report severely conservative (i.e. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce the company's stock price. (This is again due to information asymmetries since it is more common for top executives to do everything they can to window dress their company's earnings forecasts.) There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates. A reduced share price makes

8424-476: The company's stock and, in doing so, get enough votes to replace the board of directors and the CEO . With a new agreeable management team, the stock is, potentially, a much more attractive investment, which might result in a price rise and a profit for the corporate raider and the other shareholders. A well-known example of a reverse takeover in the United Kingdom was Darwen Group 's 2008 takeover of Optare plc . This

8541-399: The company. A takeover is considered hostile if the target company's board rejects the offer, and if the bidder continues to pursue it, or the bidder makes the offer directly after having announced its firm intention to make an offer. Development of the hostile takeover is attributed to Louis Wolfson . A hostile takeover can be conducted in several ways. A tender offer can be made where

8658-402: The debt will often be moved down onto the balance sheet of the acquired company. The acquired company then has to pay back the debt. This is a technique often used by private equity companies. The debt ratio of financing can go as high as 80% in some cases. In such a case, the acquiring company would only need to raise 20% of the purchase price. Cash offers for public companies often include

8775-580: The early 1930s, unemployment peaked at around 30% in the city. Liverpool was the site of Britain's first provincial airport , operating from 1930. During the Second World War , the critical strategic importance of Liverpool was recognised by both Hitler and Churchill . The city was heavily bombed by the Germans, suffering a blitz second only to London's. The pivotal Battle of the Atlantic

8892-471: The first slave ship departing from the town in 1699. The port also imported much of the cotton required by the neighbouring Lancashire textile mills , and became a major departure point for English and Irish emigrants to North America. Liverpool rose to global economic importance at the forefront of the Industrial Revolution in the 19th century and was home to the first intercity railway ,

9009-560: The first non-combustible warehouse system (the Royal Albert Dock ), and a pioneering elevated electrical railway ; it was granted city status in 1880 and was moved from Lancashire to the newly created county of Merseyside in 1974 . Like many other British cities, it entered a period of decline in the mid-20th century; however, it has experienced significant and ongoing regeneration since the European Union selected it as

9126-519: The formation of the Liverpool City Region Combined Authority in a form of devolution . With a devolved budget granted by central government , the authority now oversees and invests in foremost strategic affairs throughout the Liverpool City Region , including major regeneration projects. The authority, along with Liverpool City Council itself, has embarked on long-term plans to grow the population and economy of

9243-514: The growth in the society was organic, there were almost twenty transfers of business from other societies. LV= offers services directly to consumers, as well as through IFAs and insurance brokers , and through strategic partnerships with organisations such as ASDA , Nationwide Building Society and some trades unions . At the start of 2015 LV= was ranked in a survey called the UK Institute of Customer Service Satisfaction Index (UKCSI) as

9360-417: The hostile bidder's threat to the target company. A well-known example of an extremely hostile takeover was Oracle's bid to acquire PeopleSoft . As of 2018, about 1,788 hostile takeovers with a total value of US$ 28.86 billion had been announced. A reverse takeover is a type of takeover where a public company acquires a private company. This is usually done at the instigation of the private company,

9477-577: The latter featuring Cilla Black . Liverpool Liverpool is a cathedral city , port city , and metropolitan borough in Merseyside , England. It had a population of 496,770 in 2022. The city is located on the eastern side of the Mersey Estuary , adjacent to the Irish Sea , and is approximately 178 miles (286 km) northwest of London . Liverpool is the fifth largest city in

9594-479: The latter's personal lines going in the opposite direction, and creating a joint venture between the firms. In 2019, Allianz purchased the remaining 51% of the general insurance division in a simultaneous purchase of Legal & General 's general insurance division for £800m which concluded with both of the respective firms becoming part of Allianz on 1 January 2020 with the general insurance division of L&G being renamed officially as Fairmead Insurance but keeping

9711-580: The managing director of Churchill Insurance and a senior executive of Direct Line , together with other former Direct Line executives, with a view to delivering substantial growth and an increase in public profile to a business that was then in steady decline, reliant on direct mail for marketing and with unsophisticated underwriting . This was achieved. By the end of 2012 the £386 million of premium income and 1.1 million customers of 2006 had increased to £1.5 billion of premium income and over 4 million customers with profits of £117 million. The business had become

9828-558: The mid-late 18th century when the town became the most heavily involved European port in the Atlantic slave trade . King John 's letters patent of 1207 announced the foundation of the borough of Liverpool (then spelt as Liuerpul ). There is no evidence that the place had previously been a centre of any trade. The creation of the borough was probably due to King John deciding it would be a convenient place to embark men and supplies for his Irish campaigns , in particular John's Irish campaign of 1209 . The original street plan of Liverpool

9945-421: The most visited, tourist orientated, cities in the United Kingdom. City leaders are focussing on long-term strategies to grow the city's population and economy, while national government explores the continuous potential for devolution in the city. In 2002, Queen Elizabeth II and Prince Philip, Duke of Edinburgh visited Liverpool to mark the Golden Jubilee . On speaking to an audience at Liverpool Town Hall ,

10062-622: The multi-billion- pound Liverpool ONE development, regeneration continued throughout the 2010s. Some of the most significant redevelopment projects included new buildings in the Commercial District , King's Dock , Mann Island , around Lime Street , the Baltic Triangle , RopeWalks , and Edge Lane . Changes to Liverpool's governance took place in 2014. The local authority of Liverpool City Council decided to pool its power and resources with surrounding boroughs through

10179-403: The offer serves the shareholders better than rejecting it, it recommends the offer be accepted by the shareholders. In a private company, because the shareholders and the board are usually the same people or closely connected with one another, private acquisitions are usually friendly. If the shareholders agree to sell the company, then the board is usually of the same mind or sufficiently under

10296-439: The offeror acquired the target's stock. The main consequence of a bid being considered hostile is practical rather than legal. If the board of the target cooperates, the bidder can conduct extensive due diligence into the affairs of the target company, providing the bidder with a comprehensive analysis of the target company's finances. In contrast, a hostile bidder will only have more limited, publicly available information about

10413-470: The orders of the equity shareholders to cooperate with the bidder. This point is not relevant to the UK concept of takeovers, which always involve the acquisition of a public company. A hostile takeover allows a bidder to take over a target company whose management is unwilling to agree to a merger or takeover. The party who initiates a hostile takeover bid approaches the shareholders directly, as opposed to seeking approval from officers or directors of

10530-453: The purpose being for the private company to effectively float itself while avoiding some of the expense and time involved in a conventional IPO . However, in the UK under AIM rules, a reverse takeover is an acquisition or acquisitions in a twelve-month period which for an AIM company would: An individual or organization, sometimes known as a corporate raider , can purchase a large fraction of

10647-552: The region's principal port on the Irish Sea . However, as the Dee began to silt up , maritime trade from Chester became increasingly difficult and shifted towards Liverpool on the neighbouring River Mersey . The first of the Liverpool docks was constructed in 1715, and the system of docks gradually grew into a large interconnected system. As trade from the West Indies , including sugar, surpassed that of Ireland and Europe, and as

10764-407: The simple effect of the profitability of the target company being added to the acquiring company's profitability. For example, an acquiring company may decide to purchase a company that is profitable and has good distribution capabilities in new areas which the acquiring company can use for its own products as well. A target company might be attractive because it allows the acquiring company to enter

10881-590: The space of three or four years, the Society had collectors operating outside Liverpool , in towns such as Chester and Runcorn . By the 1860s, Liverpool Victoria was operating across England from Newcastle to Plymouth with collectors also in Scotland , Wales and Ireland . An increasing amount of business was being transacted in London and in 1884 the Chief Office was moved there – an early example of

10998-440: The subject of condemnation. Historian Raphael Samuel labelled Graeme Shankland "the butcher of Liverpool". A significant West Indian black community has existed in the city since the first two decades of the 20th century. Like most British cities and industrialised towns, Liverpool became home to a significant number of Commonwealth immigrants, beginning after World War I with colonial soldiers and sailors who had served in

11115-425: The target company available, rendering the bidder vulnerable to hidden risks regarding the target company's finances. Since takeovers often require loans provided by banks in order to service the offer, banks are often less willing to back a hostile bidder because of the relative lack of target information which is available to them. Under Delaware law, boards must engage in defensive actions that are proportional to

11232-434: The target company may simply be very reasonably priced for one reason or another and the acquiring company may decide that in the long run, it will end up making money by purchasing the target company. The large holding company Berkshire Hathaway has profited well over time by purchasing many companies opportunistically in this manner. Other takeovers are strategic in that they are thought to have secondary effects beyond

11349-432: The tax is rolled over. A takeover, particularly a reverse takeover , may be financed by an all-share deal. The bidder does not pay money, but instead issues new shares in itself to the shareholders of the company being acquired. In a reverse takeover the shareholders of the company being acquired end up with a majority of the shares in, and so control of, the company making the bid. The company has managerial rights. If

11466-419: The trilling expense of a halfpenny, a penny or three pence, according to the age of the member” For the remainder of the nineteenth century the Society was associated with what simple life assurance or the ‘penny policy’. Door-to-door agents collected these penny premiums, allowing people to provide for the costs of a decent funeral. After eighteen months the Society had provided for over 200 funerals. Within

11583-466: The two companies would be separately due to a reduction of redundant functions. Takeovers may also benefit from a principal-agent problem associated with top executive compensation. For example, it is fairly easy for a top executive to reduce the price of their company's stock due to information asymmetry . The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off-balance-sheet transactions to make

11700-702: The words of historian Sven Beckert , "the most pro-Confederate place in the world outside the Confederacy itself." Liverpool merchants helped to bring out cotton from ports blockaded by the Union Navy , built ships of war for the Confederacy , and supplied the South with military equipment and credit. During the war, the Confederate Navy ship, the CSS Alabama , was built at Birkenhead on

11817-419: The world's first tunnel under a tidal estuary and the world's first deep-level underground stations ( Liverpool James Street railway station ). In 1889, borough engineer John Alexander Brodie invented the football goal net. He was also a pioneer in the use of pre-fabricated housing and oversaw the construction of the UK's first ring road ( A5058 ) and intercity highway ( East Lancashire Road ), as well as

11934-444: The world. It has also produced many academics , actors , artists , comedians , filmmakers , poets , scientists , sportspeople , and writers . In sports, it is known as the home of Premier League football teams Everton FC and Liverpool FC . The world's oldest still-operating mainline train station, Liverpool Lime Street , is in the city centre; transport is also served by the underground Merseyrail network. The city's port

12051-553: Was a continuing feature of the Society’s expansion. A particularly important introduction followed the National Insurance Act 1911 that created a contributions-based system of health insurance. Friendly societies which had their own schemes were given a major role in administering health insurance and in 1912 the Liverpool Victoria established its own approved National Insurance Society. Another example

12168-415: Was also an example of a back-flip takeover (see below) as Darwen was rebranded to the more well-known Optare name. A backflip takeover is any sort of takeover in which the acquiring company turns itself into a subsidiary of the purchased company. This type of takeover can occur when a larger but less well-known company purchases a struggling company with a very well-known brand. Examples include: Often

12285-484: Was awarded in 1902 to Ronald Ross , professor at the School of Tropical Medicine, the first school of its kind in the world. Orthopaedic surgery was pioneered in Liverpool by Hugh Owen Thomas , and modern medical anaesthetics by Thomas Cecil Gray . The world's first integrated sewer system was constructed in Liverpool by James Newlands , appointed in 1847 as the UK's first borough engineer. Liverpool also founded

12402-404: Was built before 1235, it survived until it was demolished in the 1720s. By the middle of the 16th century, the population was still around 600, although this was likely to have fallen from an earlier peak of 1000 people due to slow trade and the effects of the plague . In the 17th century, there was slow progress in trade and population growth. Battles for control of the town were waged during

12519-713: Was dropped (although it remains the formal name of most legal entities within the group) in favour of LV=. A distinctive green heart icon stylized from the letter 'V' has also become a symbol of the group in its advertising, playing on the visual similarity of LV= to the word love . Shortly after the rebranding, LV= acquired the Internet domain name LV.com, which the French luxury goods manufacturer Louis Vuitton had, in November 2006, failed to acquire from Manifest Information Services (aka Manifest Hostmaster and Manifest.com) through

12636-623: Was killed in New York City in 1980. Liverpool Airport was renamed after him in 2002, the first British airport to be named in honour of an individual. Previously part of Lancashire, and a county borough from 1889, Liverpool became a metropolitan borough within the newly created metropolitan county of Merseyside , in 1974. From the mid-1970s onwards, Liverpool's docks and traditional manufacturing industries declined due to restructuring of shipping and heavy industry, causing massive losses of jobs. The advent of containerisation meant that

12753-518: Was planned, fought and won from Liverpool. The Luftwaffe made 80  air raids on Merseyside , killing 2,500 people and causing damage to almost half the homes in the metropolitan area. Significant rebuilding followed the war, including massive housing estates and the Seaforth Dock , the largest dock project in Britain. Since 1952, Liverpool has been twinned with Cologne , Germany,

12870-594: Was purchased from Equitable Life for £150 million in 2001. It was announced in December 2014 that Liverpool Victoria would be acquiring the business of Teachers Assurance , subject to the approval of the latter's members. Liverpool Victoria confirmed that its mulling all its options including the sale of its life and pensions business with Fenchurch Advisory Partners advising on its options and in October 2020 entered exclusive negotiations with Bain Capital . In December 2021, members of Liverpool Victoria rejected selling

12987-514: Was regarded as binding. In 2006, the Code was put onto a statutory footing as part of the UK's compliance with the European Takeover Directive (2004/25/EC). The Code requires that all shareholders in a company should be treated equally. It regulates when and what information companies must and cannot release publicly in relation to the bid, sets timetables for certain aspects of the bid, and sets minimum bid levels following

13104-505: Was that by the 1930s, the Society was offering complete home insurance policies through its link with the Commercial Insurance Company. In May 2013, LV= issued subordinated bonds priced at £350 million. This debt, which carries interest at 6.5%, is due for repayment in 2043, although LV= has the option to repay it from 2023. The debt counts as lower tier 2 capital and is expected to be eligible as capital under

13221-454: Was the first railway in the world to use electric multiple units , employ automatic signalling, and install an escalator. Liverpool inventor Frank Hornby was a visionary in toy development and manufacture, producing three of the most popular lines of toys in the 20th century: Meccano , Hornby Model Railways (both in 1901), and Dinky Toys in 1934. The British Interplanetary Society , founded in Liverpool in 1933 by Phillip Ellaby Cleator,

13338-485: Was the fourth largest in the UK in 2023, with numerous shipping and freight lines having headquarters and offices there. Residents of Liverpool are often called "Scousers" in reference to scouse , a local stew made popular by sailors in the city, while "Scouse" is also the most common name given to the distinctive local accent . The city's cultural and ethnic diversity has resulted from its history of attracting immigrants, especially from Ireland, Scandinavia, and Wales; it

13455-535: Was the largest store in the world at the time. Between 1862 and 1867, Liverpool held an annual Grand Olympic Festival . Devised by John Hulley and Charles Pierre Melly , these games were the first to be wholly amateur in nature and international in outlook. The programme of the first modern Olympiad in Athens in 1896 was almost identical to that of the Liverpool Olympics. In 1865, Hulley co-founded

13572-598: Was the single largest contributor to the British Exchequer . Liverpool was the only British city ever to have its own Whitehall office. During this century, at least 40% of the world's entire trade passed through Liverpool. In the early 19th century, Liverpool played a major role in the Antarctic sealing industry, in recognition of which Liverpool Beach in the South Shetland Islands

13689-522: Was to a pool or tidal creek now filled up into which two streams drained". The place appearing as Leyrpole , in a legal record of 1418, may also refer to Liverpool. Other origins of the name have been suggested, including "elverpool", a reference to the large number of eels in the Mersey . The adjective "Liverpudlian" was first recorded in 1833. Although the Old English origin of the name Liverpool

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