Woodford set to profit as Omega receives bid approach

Omega Insurance, a Lloyds of London insurer in which Invesco Perpetual's Neil Woodford is the largest shareholder, has received a takeover approach from rival Canopus.

Bermuda-based Omega said on Monday there was no certainty an offer would be made, nor what the terms might be, the FT reports. The initial approach - the value of which was not disclosed - had proposed an offer comprised of cash and unquoted shares. Woodford, who owns 29% of the company, led a shareholder revolt which saw the ousting of the chairman, chief executive and most of the board following two years of wrangling. During the dispute Omega accused its own corporate broker, Cenkos Securities, of being behind the drive to overhaul the board. The group says in a statement: "W...