Barbican ups ante in Omega bid war


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The Independent Online

The bid battle for Lloyd's of London insurer Omega Insurance heated up yesterday as Barbican Insurance increased its takeover offer.

Barbican has structured its offer as a reverse takeover via an all-share deal. The group appealed to Omega's shareholders, saying it gave them the chance to participate in the enlarged group.

The offer is worth 84p per share, outflanking the 83p-per share offers tabled by Canopius Group and Haverford Bermuda.

Espirito Santo said in a research note: "The price and terms look to be a good mixture of the terms offered by the current bids on the table from Haverford Group and fellow private Lloyds syndicate Canopius."