Riverdeep chief to buy back stock

MOUNTING pressure on Riverdeep by some of its investors has sparked a buy-out attempt by chief executive Barry O’Callaghan.

News of the move, disclosed to the stock exchange yesterday, saw a strong rally in the share price which was up 84% or 63 cent on the day to 1.38.

With several factors driving the buy-out, Bank of Ireland Asset Managers, holders of 27% of the equity in the educational software company, will have a key role in determining the group’s future, it emerged yesterday.