Riverdeep management buy-out nearing completion

The Management buy-out of e-learning company Riverdeep is reaching a conclusion.

Hertel, the management buyout vehicle for Riverdeep, has said that it has secured 58.8% acceptances for the buyout deal it put forward.

This figure does not include the shares owned by the directors attempting to buy out the company.

For the deal to go through Hertel needs acceptances over 80% of the shares not owned by these directors.

It is felt that the level of acceptance is quite high as it assumed that people would wait to see if a rival bid would appear.

Hertel has extended the date for acceptance to 10 March.

Those involved in the management buyout include CEO Barry O’Callaghan and founder Pat McDonagh.