Bermuda-based reinsurer Haverford may lower its bid for a 25 percent stake in London-listed rival Omega
(Haverford) has communicated the possibility of a new proposal at a fixed price or at a range with lower cap and floor prices than the current offer, Omega said in a statement, adding that no reduced offer had yet been made.
A Haverford spokesperson declined to comment.
Haverford, led by insurance entrepreneur Mark Byrne, had planned to buy into Omega at between 70 and 83 pence per share, with the final price set at the level required to achieve a 25 percent sale after each shareholder submits the minimum they can accept in a so-called Dutch auction.
Under the offer, unveiled in September, Omega shareholders have until 1 p.m. on Wednesday to accept.
News of Haverford's potential lower offer comes one week after Omega revealed that its estimated losses from big natural catastrophes this year had increased by $6 million.
(Reporting by Myles Neligan; Editing by Helen Massy-Beresford)
(This story was corrected in paragraph 4 to show the bottom of bid range is 70 pence, not 73 pence)