Omega Rejects Byrne’s New Offer
Lloyd’s of London insurer Omega has rejected a fresh offer from Bermuda’s Haverford for a 25 percent stake in the group.
The move came after Haverford — headed by Bermuda-based insurance entrepreneur Mark Byrne [pictured] — said it wanted to lower its offer, citing a “very significant and unexpected deterioration in the financial position of Omega” after a downbeat trading update in November.
In a statement issued on Thursday [Dec.15], Omega said: “We have again consulted with a significant majority of our institutional shareholders after the publication of Haverford’s announcement.
“Following Haverford’s failure to honour its obligations under the partial cash offer, neither the board nor the shareholders who have been consulted are supportive of Haverford’s revised proposal or of any further engagement with Haverford regarding an offer.”
