Barlo directors recommend takeover offer from Quinn

Independent directors of Barlo, the plastics and radiators group, last night were recommended a takeover offer of 48c per share.

The offer was made by Seán Quinn's Quinn Group, through its subsidiary Sarcon.

This cash offer represents an eight-cent increase on the MBO led by Tony Mullins, Barlo's chief executive.

The Quinn Group bought another 22.6 million shares yesterday at 48c per share to bring its total stake to almost 30%. This comes after last week's purchase by the group of 25.6 million shares of Dermots Desmond's IIU.

Quinn owns Quinn Direct insurance and is also involved in the cement and glass business.