Haverford lowers offer for Omega stake
Haverford is no longer willing to pay 84 per cent per share for a 25 per cent stake in Omega.
Reinsurer Haverford is looking to demonstrate negotiation skill by taking a 25 per cent share in Omega at a reduced price to what was initially offered.
The firm has indicated to the board of directors of Omega it will not be proceeding with a bid of 83 pence per share.
This is because there has been an "unexpected deterioration in Omega's financial position and prospects".
As a result, Haverford - which was established by Mark Byrne in 1993 - is now looking to pay 74 pence per share in order to close business negotiations and it says there will be an update about the situation later today (December 2nd).
"[Haverford] stands ready to continue discussions and negotiations with Omega in connection with this possible new offer," the company stated.
The original tender was made back in September and so the insurance firm is looking to take advantage of the change in circumstances.
Posted by Edel Quinn
Source: Haverford statement, December 1st