Desmond may be buyer of €6m Dunloe shares

MILLIONAIRE financier Dermot Desmond is believed to be the buyer of a further 6 million of Dunloe shares yesterday.

The news eliminates any chance of chairman Noel Smyth getting a simple 51% majority for his 42.5 cent per share offer made last week for the group.

It also leaves 3,000 small shareholders bereft of the option of accepting the offer to get out of the group which has been locked in a Mexican stand-off with dissident shareholders for nearly two years.