Mark Byrne’s Haverford Bermuda Ltd is continuing its effort to buy a 25 percent stake in Bermuda-based Omega Insurance Holdings Ltd with an offer of 74p per share, The Royal Gazette has learned.A source close to the negotiations said yesterday the fixed price offer was tabled by Haverford in late November. As of yesterday afternoon, Omega had not responded to Haverford’s new offer, the source added.Haverford’s new offer represents a 32 percent premium over Omega’s closing share price of 56p on the London Stock Exchange yesterday.It is understood that the new 74p per share is a fixed-price offer for just over 60.2 million Omega shares and will have a closing date toward the end of January.A source claimed that a meeting of Omega and Haverford representatives, planned for last week, was cancelled at late notice.Haverford’s initial offer for a 25 percent stake of Omega was based on a Dutch auction with an offer range of between 70p and 83p per share.Haverford considers that offer to have lapsed, through no action of its own, but Omega has claimed there is no reason why it should have lapsed.The original offer was revealed in September. Last month, in its interim statement, Omega revealed that estimated catastrophe losses this year were $6 million greater than previously announced.Under the terms of the original offer, had Mr Byrne succeeded in acquiring the 25 percent stake, he would have become Omega’s executive chairman.Mr Byrne is well known on the Island as the co-founder of Flagstone Re, a reinsurer established in Bermuda in 2005 after Hurricane Katrina.CORRECTION: In yesterday’s business section, it was reported that Haverford had cancelled a meeting with the Delaware Insurance Commissioner. We have since learned that this was not true. We apologise for the error.