Investors in Omega Insurance have claimed they are being kept in the dark over sale plans, The Telegraph reports.
Some investors are questioning the Lloyd's insurer's board after a series of failed takeover attempts.
US-listed Delphi Financial and Lloyd’s rivals Barbican, Canopious and Novae have all made takeover bids in the past few months.
Delphi and Novae have recently withdrawn their interest thought to be due to frustrations over the takeover process.
“Omega’s share price has performed poorly in recent months and has become a real concern for many investors. Shareholders are now becoming frustrated at the lack of progress being made by the company and the lack of communication we are receiving on the bid approaches from Omega and its advisers,” said one top 10 shareholder.
A source told the paper that the takeover process had been delayed by adverse market conditions but added the insurer was hopeful of reaching an agreement with one of the interested parties.
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