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 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.

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.

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

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