New offer prices shares at 74p
Haverford has submitted a fresh bid for Lloyd’s insurer Omega.
The latest twist in the long-running battle for control of the Lloyd’s insurer saw Haverford inform the London Stock Exchange this morning that it has submitted a 74p per share offer for Omega.
Haverford’s previous offer for Omega, which priced the shares between 70p and 83p, lapsed last week.
In this morning’s stock exchange announcement, Haverford said it had made a fresh indicative proposal to Omega on 29 November, which had been submitted in light of what it described as a “very significant and unexpected deterioration in the financial position of Omega”.
In its third-quarter results, published on 18 November, Omega announced that its gross written premium for the first nine months of 2011 dropped 16% to $285.5m, compared to $308.5m for the same period in 2010.
Haverford said this morning that Omega has so far not responded to its latest proposal and that a meeting arranged between the two companies for 8 December had been cancelled by the Lloyd’s insurer at short notice.
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