HAVERFORD WILLING TO MAKE LOWER OFFER FOR OMEGA

Following an announcement earlier this week, Haverford Bermuda Ltd has confirmed that it may allow its offer for Bermuda-based Lloyd's insurer Omega to lapse, although it is willing to make a new offer. Haverford said in a statement that it may decide not to extend its current partial cash offer for Omega, and will accordingly allow the offer to lapse. The company said that it informed Omega on November 29 that it would be willing to make a new offer at a fixed price of 74p per share. Earlier in the week, Omega said that it saw no reason why the current offer should lapse. Haverford has requested further information from Omega following third quarter results that included "very significant and unexpected deterioration in Omega's financial position and prospects," it said. Haverford said that it stands ready to continue discussions and negotiations with Omega in connection with this possible new offer.