The independent directors of plastics and radiator group Barlo have recommended a takeover offer of 48 cent per share made this morning by Sean Quinn's Quinn Group.
The cash offer - made through Quinn's subsidiary Sarcon - is eight cent higher than the MBO led by chief executive Tony Mullins and values Barlo at €84m.
Today the Quinn Group bought another 22.6 million shares in Barlo at 48 cent, bringing its total stake to just under 30%. Last week Quinn bought 25.6 million shares from Dermot Desmond's IIU.
Quinn owns insurer Quinn Direct and is involved in manufacturing with his cement and glass businesses.
The MBO vehicle Melgan last week announced that it had received 36% acceptance of its offer from shareholders. The firm holds an EGM tomorrow, but shareholders will now be presented with a resolution to adjourn the meeting.
Shares in Barlo moved up three to 48 cent in Dublin today.
