Management buyout of Barlo blocked
In a surprising twist to the long-running MBO, Mr Desmond yesterday sold 25.6 million shares to Mr Quinn, the owner of Quinn Cement and Quinn Direct insurance, at 48 cent per share. This is 8 cent higher than the offer for Barlo by chief executive Tony Mullins.
Mr Desmond retains a 4.55% stake in Barlo and, when combined with Mr Quinn's 17.03% shareholding, this is enough to stop Dr Mullins taking Barlo private as the offer must be accepted by 80% of all shareholders. Given the price Mr Quinn paid, there is no chance he will take the MBO price.