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.