O’Callaghan to remain after reverse takeover

BARRY O’Callaghan is expected to remain as chairman and chief executive of Dublin-headquartered global educational software company Riverdeep, if it succeeds with its anticipated €3.5 billion (€2.7bn) reverse takeover of US company, Houghton Mifflin.

Riverdeep is reported to be in negotiations with Houghton Mifflin — one of the leading publishers of educational literature in the US market — over a reverse takeover.

Riverdeep has an estimated value of around $1.5bn (€1.19bn) and is understood to have the extra funding backing of Credit Suisse supporting its bid. Additional funding could come from Goldman Sachs and Citigroup.