John Robinson asks Bermuda court to reappraise the value of his shares

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Omega co-founder John Robinson has issued a challenge to Canopius’s 67p a share offer for the company.

Omega revealed that Robinson, who holds 7.4% of the company’s shares, has instituted proceedings under the Bermuda Companies Act for the Supreme Court to appraise the fair value of his shareholding relative to Canopius’s 67p offer price.

Omega said it will defend the proceedings, and that Robinson’s is the only such claim it has received within the allotted one-month period.

It added that the action will not affect the timetable for the acquisition, which has been approved by 90.3% of Omega shareholders. The deal is expected to complete once the remaining regulatory conditions have been satisfied.

Robinson, who was Omega’s chief underwriting officer, left the company in 2009, but still owns 18,089,268 shares in the company. He is the company’s third-largest shareholder overall, behind asset management houses Invesco and Threadneedle, and the largest non-institutional holder.  

He made headlines in April this year for attempting to overhaul Omega’s board.