Haverford will not extend offer for Omega

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