Mr Kevin Anderson, a well-known investor and one of the partners in Ireland's largest film distributor, Ward Anderson, has raised his stake in buyout target Oglesby & Butler to nearly 17 per cent.
Mr Anderson spent more than €74,000 buying 247,098 shares in the company at 30 cents each on Friday and Monday. This lifted his shareholding from 14.76 per cent to 16.77 per cent, not far off the 20 per cent stake which would allow him to block an outright sale of the company.
The Carlow-based engineering group is currently the subject of a possible buyout approach from its two executive directors, Peter and Paul Oglesby.
The approach was first made last October but an offer for the company has yet to emerge. However, management is expected to finalise a proposal shortly with a further announcement due to be made by the end of August.
Mr Anderson's latest purchase follows the acquisition of 1.57 million Oglesby & Butler shares, or 12.75 per cent of the company, on July 30th. This purchase lifted his stake in the company from 2 per cent to just under 15 per cent.
