ThirdForce's CEO and chairman bid for firm
Monday, 9 November 2009 17:32E-learning group ThirdForce said today that its chief executive and chairman had made a formal offer for the company.
LearnVantage, an investment vehicle formed by ThirdForce's CEO Brendan O'Sullivan and Chairman Pat McDonagh, have offered three payment options to shareholders.
The options are one share in LearnVantage for each Thirdforce share; three LearnVantage shares and €0.12 in cash for every four ThirdForce shares or €0.105 in cash for each ThirdForce share.
ThirdForce said the cash offer valued the company at €27.2m. It first announced in March that it had received an approach from managers, initially at 8 cent a share.
The company said it intends to cancel its shares on London's AIM and Dublin's IEX markets and to re-register ThirdForce as a private limited company, following the offer.
ThirdForce shares raced higher in Dublin today, gaining almost 29% to close at nine cent.
