Cavan-based entrepeneur Mr Seán Quinn has emerged as the buyer of the block of Barlo shares sold today by Mr Dermot Desmond.
A statement to the Irish Stock Exchange confirmed that Quinn Family Group Ltd bought 25.6 million shares in Barlo building his stake in the company to over 17 per cent. Mr Quinn's insurance firm, Quinn Direct, already owns 4.2 million Barlo shares.
Mr Desmond sold the tranche in the plastics and radiator group for 48 cent per share, 8 cent above the price offered by the group's management team in a buyout worth 40 cent per share.
Mr Desmond's investment vehicle IIU had built up its stake in Barlo to around 19 per cent in an effort to block the management offer led by Dr Tony Mullins.
Barlo shares are trading at around 47 cent on the Dublin market this afternoon , a 20 per cent gain on the day.
Mr Desmond has spent some €7 million on building his stake in Barlo since Dr Mullins tabled his firm offer at the start of February.
The bulk of his purchases were made at 42 cents - two cents above the MBO offer.
