Lloyd’s Novae Group plc announced that it has informed the advisers of Omega Insurance, another Lloyd’s insurer that it “has withdrawn from merger discussions.”
Novae said it has “concluded that it is unlikely a transaction can be structured at this stage which is demonstrably in Novae’s shareholders’ interests.”
Novae began discussions with Omega in May, and entered into a “due diligence review at the end of May, “in accordance with its publicly stated strategy of routinely reviewing possible transactions,” and was “evaluating the merits of proposing a possible merger with Omega.”
Novae said it “reserves its rights to re-start merger discussions at any stage if new information becomes available, an offer or pre-conditional offer is announced for Omega or if Omega enters into a corporate transaction with a third party.”
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