Haverford has decided not to extend its partial offer for up to 60,240,964 shares in Omega Insurance.
The firm is now hoping to purchase 25% in Omega, at the lower price of 74p per shares, compared to the previous bidding price of 83p.
On Thursday Haverford released a statement warning investors that it was unlikely to extend its initial offer because of the "very significant and unexpected deterioration" in Omega's finances during the third quarter.
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The firm had been hit with $9m worth of claims relating to catastrophes during the period.
Omega's share price fell 4.65% to 61.5p by 13:10. It has liost 33.33% of its share price, equivalent to 30.75p, over the past year.
NR
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