Canopius offer for Omega recommended

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The offer, which has been recommended by the Omega board, values the company’s share capital at £163.9m, and will be financed through a deal between Canopius, Tower Group and the Bregal Fund.

The acquisition is expected to be completed in July 2012, following a special general meeting to be held in June.

Omega's existing operations will be integrated into the Canopius Group following completion of the deal.

Michael Watson, executive chairman of Canopius said: "Omega is a good business with a

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