Mr Sean Quinn's family-owned group looked poised to take over Barlo last night, after it emerged that it had control of more than 60 per cent of the company.
With three days to go to the deadline for Barlo shareholders to accept Quinn Group's €84 million offer for the radiator and plastics manufacturer, Quinn subsidiary, Sarcon revealed it had control of a 61.2 per cent of the company.
It needs 80 per cent irrevocable acceptances by close of business on Friday to guarantee success. At that stage, the Quinn offer would become unconditional and the company would have the right to acquire the remaining 20 per cent of Barlo compulsorily.
At the beginning of the month, two Quinn companies had just under 30 per cent of Barlo. The notification to the Stock Exchange of its current interest indicates that acceptances of its 48 cent a share offer have been coming in relatively steadily.
The documents show holders of various sizeable tranches of Barlo shares accepted its offer between April 13th and 20th. On April 19th, shareholders with 35.8 million Barlo shares, just over 20 per cent of the company, accepted the offer.
They were followed on the 20th by a further tranche of more than 12 million shares. According to the notification documents, Quinn had more than 107.1 million Barlo shares by yesterday. The company's total issued share capital is 175 million.
Barlo's chief executive, Dr Tony Mullins, previously led a failed MBO that valued the company at 40 cents a share, or €70 million.
After a month during which investor Mr Dermot Desmond regularly bought Barlo shares above that price, Quinn stepped in and purchased Mr Desmond's near 20 per cent stake.
Quinn's insurance arm, Quinn Direct, also held a stake in Barlo. Quinn Group followed this up with the Sarcon offer, which valued the company at 48 cents a share, or €84 million.
