Omega Underwriting must either announce a firm intention to buy Hardy underwriting or pull out by 1 August, the UK Takeover Panel has said.
Earlier this month, Omega said it was still interested in pursuing a merger with Hardy despite the fact that Hardy had terminated bid talks. Hardy had ended talks after Omega was not prepared to increase the terms of its previous proposal, which Hardy had already rejected.
The UK Takeover Panel said in the event that Omega now decides not to make an offer, it will be bound for six months from that date from making a bid.
