Financier Mr Dermot Desmond now owns 14.1 per cent of management buyout (MBO) target Barlo after buying another block of shares last week.
An official notice to the stock exchange today shows that Mr Desmond's investment company, IIU, acquired 50,000 shares on February 27th for an average price of 42 cent.
A radiator and plastics maker, Barlo is currently the subject of a MBO bid led by the company's chief executive, Dr Tony Mullins. The MBO offer on the table values the company at around €70 million or 40 cents per share.
Following a number of recent purchases by Mr Desmond of shares at or above the MBO offer price, there is speculation he will build up a large enough holding to effectively block the offer.
The MBO needs at least 80 per cent irrevocable acceptances before the offer becomes unconditional and the bid succeeds.