Desmond buys more Barlo shares

It has emerged that Bottin International Investments, an investment vehicle controlled by Dermot Desmond, has increased its stake in plastics and radiator group Barlo to 11% after the purchase of another 1.2 million shares.

IIU, acting for Bottin Investments, paid €0.42 per share for the stock

On February 10, Barlo's independent directors said they would be recommending a 40 cent per share cash offer from a management team led by chief executive Tony Mullins. The offer valued the plastics and radiator group at around €70m.

If Desmond rejects the buyout offer, Mullins will have the difficult challenge of getting 80% of Barlo's shareholders support which is required to secure the deal.

The shares were steady at €0.42 on the ISEQ at 2pm today.