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Omega gets bid approach

first_img SHAREHOLDERS at Lloyd’s of London insurer Omega Insurance are mulling a takeover bid from private equity-backed rival Canopius, it was confirmed yesterday.Omega said it had received an unsolicited approach proposing an unspecified mixture of cash and unquoted shares but an offer would not necessarily be forthcoming. Omega’s board would continue to focus on growing the business, it said, and its largest shareholder, Invesco Perpetual, “is supportive of that position.” But weary shareholders, who have endured a torrid past year in which a boardroom battle led to the sacking of five directors, may be looking for an exit, sources told City A.M. The firm posted a first-half loss of $34.2m (£22m) in August. “I don’t think this proposal would have seen the light of day if shareholders were not keen,” one said, adding that Omega remains undervalued as its turnaround strategy is failing to show results yet. It is thought that an offer of 120p per share will gain shareholder support. Omega’s share price has fallen from 140p in 2008 to a low of 83p in August. Shares closed up 6.25p to 102.75p on news of the approach. RICHARD TOLLIDAYFORMER OMEGA CHIEF EXECUTIVEOMEGA still has to come to an agreement over compensation for the ousting of its former chief executive Richard Tolliday last year. Analysts estimate Tolliday is claiming around $11m (£7.06m) in total, which includes compensation for a long term incentive programme which was worth more than $6m to him.Omega sources said that the claim from Tolliday was ongoing and that the group was trying to work out what it believed its liability to be.Tolliday was paid $1.1m including his bonus and pension, according to the last annual report, with a basic salary of $816.000. He also had share options.Sources say that he was entitled to a change of control or a termination of his contract of up to three years’ salary, three years’ maximum bonus entitlements (to a maximum of 150 per cent of salary), the value of two years’ benefits and a pro rata maximum bonus in respect of the year in which his contract was terminated (maximum 150 per cent of salary). David Hellier Share More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Monday 10 January 2011 8:13 pmcenter_img whatsapp whatsapp KCS-content Show Comments ▼ Omega gets bid approach last_img read more