Mark Byrne’s Haverford (Bermuda) Ltd has formally walked away from a deal to acquire a 25 percent stake in London-listed Omega Insurance Holdings Ltd.Talks failed when the two parties could not come to an agreement on the share price.Mr Byrne, the co-founder of Flagstone Re, had been looking to buy a one quarter stake in Omega. If he had succeeded, he would have become the company’s chairman.In September, Haverford made a “Dutch auction” bid with a range of between 70 pence and 83p per share for Omega. The offer was due to expire at 1pm London time on Wednesday, December 21.It was reported that Haverford had made a new fixed-price bid of 74p per share on Wednesday, stating its previous bid had lapsed, and raising concerns about Omega’s finances.Omega last month reported a 16 percent drop in nine-month gross written premiums and raised its estimate for the cost of 2011 catastrophes by $6 million.Shares of Omega plunged eight percent on Thursday as news leaked of the failed talks and closed at 58p.