IIU buys further shares in Barlo

IIU the investment vehicle controlled by Dermot Desmond has bought another 3.6 million shares in Barlo, according to the Irish Stock Exchange.

This takes Desmond's stake in the plastics and heating appliances company to just under 13pc.

IIU purchased 3,646,510 shares at 42c a share in a move that effectively blocks Barlo chief executive Tony Mullins' plans for a management buyout.

Mullins offered 40c a share on 10 February, valuing the company at €70m.

Since then Desmond has doubled his stake in the company, spending more than €5.5m in the process.

Mullins needs shareholder acceptance of 80% to secure the deal.