Barlo to Recommend Melgan Management Buyout Offer

Melgan, a company set up by Barlo’s chief executive and major shareholder Anthony Mullins with four other directors have offered shareholders a management buyout opportunity. Their offer of 40 cents per share values Barlo at 70 million Euros.

The offer to buyout the plastics and radiator manufacturer Barlo, is conditional on the sale of their subsidiary Athlone, which was acquired by the Barlo in 2001 to Athlone’s management. A sale agreement has already been reached in this respect.

Barlo’s non-executive directors who formed an independent committee to evaluate the takeover bid are happy that the offer represents a fair return for shareholders and will recommend the offer to shareholders. However, they remain open to new and more generous offers.

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