Barlo MBO group get 36% shareholder backing

The group behind the Management Buyout Offer (MBO) for plastics and radiator group Barlo says it has received acceptances from shareholding representing just over 36% of the company.

The MBO group, Melgan, is headed by Barlo chief executive Tony Mullins. The group has extended the offer until April 1. It needs 80% approval to go ahead. Barlo's EGM next Tuesday are set to vote on other matters linked to the MBO proposal.

Meanwhile, financer Dermot Desmond is building up his stake in the company. In a statement to the Irish Stock Exchange his finance vehicle IIU Nominees said they had bought a further 25,500 shares on Tuesday at €0.42 a share, which brings his total stake to 19.19%.