Mark Byrne Terminates Omega Bid
Haverford, Bermuda, Ltd. today [Dec. 23] formally terminated its bid to acquire a 25 percent stake in Omega Insurance Holdings Ltd. following the rejection of a revised partial cash offer of 74 pence per share, announced earlier this month.
Omega Insurance had announced its rejection on December 15, 2011.
Earlier, HBL had made a partial cash offer to acquire up to 60.2 million Omega Insurance shares which were expected to carry a strike price of 83 pence per share upon acceptance of the offer.
In its rejection of HBL’s revised offer of 74 pence per share, Omega Insurance claimed that HBL had failed to “honour its obligations” under the prior offer..
Haverford is the Bermuda consortium led by locally based insurance entrepreneur Mark Byrne [pictured].
If the Omega deal had gone through, Mr. Byrne – who is close to billionair investor Warren Buffett and co-founded Bermuda reinsurer Flagstone Re – would have replaced John Coldman as the London company’s chairman.
