The identity of the buyer of 25.6 million shares in the MBO target Barlo has been named as Sean Quinn.
Dermot Desmond's finance vehicle sold the shares to Quinn earlier today.
Desmond's share is now 4.55% from 19% and Quinn's has rocketed from 2.4% to 17% following the estimated €12.3m sale.
The shares were sold for 48 cent each, eight cent above the MBO offer made by a team led by chief executive Tony Mullins.
An EGM of the company next Wednesday is due to vote on aspects of the offer which must be approved by shareholders.
Yesterday the MBO team said that 36.3% of shareholders backed the deal, well under the 80% representation required.
The offer has been extended to April 1.
The Quinn Group, was founded by Sean Quinn 30 years ago as a producer of quarry products, and has now diversified into one of Ireland's most successful companies with interests in container glass production, general insurance and pensions, hotels and public houses.
The group employs 2,600 people.