Omega Insurance rises on Haverford's ongoing pursuit

Shares in insurance firm Omega rose on news that Haverford Bermuda is continuing its pursuit to purchase 25% of the firm for 74p per share.

On 29 November Haverford made a new partial cash offer, with similar terms to the original offer for 83p per share made in September which lapsed.

Under the terms of the agreement HBL would agree for three years not to vote in favour of any resolution seeking to de-list Omega from trading lists it is currently on.

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In a statement the firm said: "HBL remains interested in acquiring a significant shareholding in Omega and in working with Omega's management and employees to address Omega's significant current challenges and to simplify and refocus Omega's business in order to maximise its future business opportunities, long-term profitability and value."

The share price rose 5.36% to 59p by 13:52. The firm has lost 38% on its share price over the past year.

NR