Desmond group sells stake in Barlo

Dermot Desmond's finance vehicle IIU Nominees has sold its remaining stake in radiator and plastics group Barlo for just over €3.8m.

Dermot Desmond's finance vehicle IIU Nominees has sold its remaining stake in radiator and plastics group Barlo for just over €3.8m.

A statement to the stock exchange said eight million shares had been sold yesterday for 48c a share.

Yesterday evening Sean Quinn upped his stake to 27.55% with the further purchase of 22.6 million shares at 48p a share.

Yesterday he launched a takeover offer of 48c per share which was recommended last night by Barlo's independent directors.

The bid values the plastic and radiator company at €84m and is 8c, or 20% higher, than the MBO led by chief executive Tony Mullins.

Barlo's EGM was due to have been held today to discuss Mullins offer, but in light of recent developments the meeting was adjourned.

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