An offer is to be made for Carlow-based Oglesby & Butler from businessman Kevin Anderson, the firm confirmed today.
In a statement, the company said the well-known private investor increased his shareholding in the Dublin-listed tool maker to over 30 per cent throught the purchase of 2,344,685 ordinary shares yesterday.
Prior to the new acquisition of shares, Mr. Anderson held 3,687,782 shares in the company which represented approximately 29.95 per cent of the issued share capital.
As a result of the latest acquisition of shares, the businessman has an obligation under Rule 9 of the Irish takeover rules to make a mandatory offer for the company at a price of not less than 31 cents per share.
The firm recently announced that revenues rose by 200 per cent in the three months to June 30th compared to last year. The rise was attributed to a recovery in sales of industrial products.
Last month Oglesby & Butler reported revenues of €7 million in the year to March 31st, 2010, a jump of 42 per cent.
