Melgan withdraws offer for Barlo

MBO management buyout vehicle Melgan has said it has opted to withdraw its offer for Barlo Group following a rival bid from Sean Quinn's Sarcon, which is being recommended by Barlo's independent directors.

Melgan, led by Barlo chief executive Anthony Mullins, had previously bid 40c per Barlo share, while Sarcon's rival offer was 48c.

In a statement to the Irish Stock Exchange this evening Melgan said that in light of these recent events it had decided to withdraw its offer.