Management buyout approach for tech firm

IRISH technology company Thirdforce — which specialises in electronic learning tools for company training modules and school curriculums — has confirmed receipt of a takeover approach from members of its own management team, including chief executive, Brendan O’Sullivan.

The management buyout consortium — which also includes company founder Pat McDonagh and is going under the name LearnVantage for the purposes of the deal — has indicated a proposed offer of 8c per share for the company, which made the announcement of the approach yesterday following speculation in the media at the weekend.

Thirdforce said the approach may not lead to a formal offer being made for the business, but that it will make a further announcement “if and when appropriate”.

In response to the approach, the Thirdforce board has appointed a committee of independent directors — consisting of Eimer McGovern, Alan Maguire, Mike Newton, Carol Clark and Edwin Robinson — to deal with the potential buyout. That committee has already appointed Goodbody Corporate Finance to advise on any potential offer.

LearnVantage has appointed Dolmen Corporate Finance to advise it on the proposed deal.

In a statement yesterday, LearnVantage confirmed an approach had been made, adding: “LearnVantage notes its proposal also incorporates a share alternative which will allow shareholders of Thirdforce to elect to receive one share in LearnVantage for every share in ThirdForce held by them instead of cash.

“LearnVantage also intends to put in place an equity or other incentive plan for management.”