Barbican ups ante in Omega bid war

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."