The Quinn Group looked to be in a powerful position for a Barlo takeover last night.

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.

THE independent directors of Barlo Group faced the wrath of shareholders yesterday who said the company was being sold off on the cheap.

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

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

The ISEQ recovered from yesterday's losses moving up 43 to 5117 with decent gains in Elan, CRH and Anglo.

MARKETS across Europe were mixed yesterday, the ISEQ index remained ahead for most of the day, and closed 43.78 points stronger at 5117.13.

BUSINESSMAN Sean Quinn has launched a 48 cent a share offer for the plastics and radiator manufacturing group Barlo, gazumping a bid to take the company private by its management.

Sean Quinn has launched a takeover offer of 48c per share for MBO target Barlo, valuing the plastic and radiator company at €84m.

European stocks stumbled this morning following a dismal close for Wall Street on Friday.

THE Irish market remained in positive numbers yesterday as the Index closed up 27.95 points at 5154.14.

THE management buyout (MBO) of the plastics and radiator group Barlo was effectively blocked yesterday after it emerged that businessmen Sean Quinn and Dermot Desmond hold enough shares to block the takeover.

Trading on the ISEQ today was dominated by the return of eircom.

The identity of the buyer of 25.6 million shares in the MBO target Barlo has been named as Sean Quinn.

Shares in MBO target Barlo increased by more than 20% on the ISEQ today after Dermot Desmond's finance vehicle IIU Nominees sold more than 25.6m shares in the plastics and radiator company today for around €12.3m.

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.

FINANCIER Dermot Desmond is just €700,000 away from the 20% stake needed to block the controversial management buyout of plastics and radiator group Barlo.

Dermot Desmond has increased his stake in the Barlo group to 19.1%, effectively scuppering a management buyout of the company.

Caution was the key sentiment on the ISEQ today as investors worldwide weighted up whether yesterday's Madrid bombings were part of a wider campaign.

Dermot Desmond has upped his stake in plastics and radiator manufacturing group Barlo to just under 17%.

DERMOT DESMOND is inching closer to blocking the management buy-out of the plastics and radiator group Barlo.

The Iseq index closed up 20.74 points on Monday to close at 5229.25.

Financier Dermot Desmond upped his Barlo stake again last Friday with the purchase of another million shares in the MBO target company.

Dermot Desmond has increased his stake in the MBO target Barlo group.

The ISEQ closed up 79 points to 5171 yesterday as investors kept an eye on company results due to be released this week.

Dublin: Dermot Desmond has upped his stake in the plastics group Barlo again.

The ISEQ in Dublin closed up 21 points to 5092 with gains in Elan and CRH.

FINANCIER Dermot Desmond has once again raised his stake in the plastics group Barlo, which is the subject of a management buy-out (MBO).

FINANCIER Dermot Desmond has edged his shareholding in plastics and radiator group Barlo closer to the key 20% mark that would allow him to block the controversial management buyout (MBO) attempt led by chief executive Tony Mullins.

The Iseq index finished down 126.70 points at 5060.58 on Tuesday as AIB saw €1 disappear off its share price.

IIU the investment vehicle controlled by Dermot Desmond has bought another 3.6 million shares in Barlo, according to the Irish Stock Exchange.

It has emerged that Bottin International Investments, an investment vehicle controlled by Dermot Desmond, has increased its stake in plastics and radiator group Barlo to 11% after the purchase of another 1.2 million shares.

BARLO shares rose over 7% to 44 cents yesterday in response to financier Dermot Desmond bringing his stake in the plastics and radiator company above the 10% level.

THE proposed takeover of Barlo looked increasingly uncertain yesterday as news emerged that controversial financier Dermot Desmond had raised his stake in the plastics and radiator company to 7.7%.

A late afternoon rally helped promote Dublin's ISEQ into positive territory this evening, closing up 2.56 points to 5043.08.

THE takeover of the plastics and radiator group Barlo took a surprising turn yesterday after it emerged that Dermot Desmond has taken a 6% stake in the company.

Dermot Desmond's investment vehicle Bottin International Investments, has increased its stake in radiator and plastics group Barlo following the purchase of an additional 1.2 million shares for €0.39 a share.

SHAREHOLDERS in plastics and radiator group Barlo should not feel compelled to accept management’s buy out offer, according to Merrion Stockbrokers who argue the price on offer undervalues the group.

The ISEQ index of Irish shares finished down 47.69 points on 5112.29.

Barlo is to recommend to its shareholders that they accept the 40c per share cash offer made by management buyout vehicle Melgan which is headed by Barlo chief executive Dr Tony Mullins.

TONY MULLINS is to up his offer for the plastics and radiator manufacturing group Barlo to 40 cent per share.

BARLO chief executive Tony Mullins will have to raise his initial 53 million takeover offer for the company by at least 30% — E17.6m — according to Dolmen Securities.

Manufacturing company Barlo have confirmed that a proposed management buyout led by chief executive Dr Anthony Mullins is still being considered.

BARLO’S management faced a barrage of criticism at the plastics and radiators company’s annual meeting yesterday, with the possibility of an impending management buyout vexing shareholders.