Thirdforce board recommends cash offer of MBO

THE board of independent directors at Irish e-learning company Thirdforce is recommending to shareholders a cash offer for the company made by two of its current management team.

LearnVantage, a management buyout (MBO) vehicle established by Thirdforce chief executive Brendan O’Sullivan and chairman Pat McDonagh, yesterday lodged a formal offer for the company, following on from two previous indications of interest earlier this year.

The offer is unchanged from the pair’s previous indicated offer and involves three options for shareholders (a straight share-for-share offer; a mix of shares and cash of 12c for every four Thirdforce shares and a straight cash option of 10c per share; which values the overall deal at just over €27 million).