The deadline for a competing offer for education software company Riverdeep has passed without any rival to the management bid emerging, according to a statement from the company.
The MBO team led by Barry O'Callaghan and Pat McDonagh had undertaken to accept any better offer.
Riverdeep said it had had talks with eight potential suitors since the MBO offer was announced on January 20, but no offer had been made. The MBO offer of $1.51 per share is open until February 24.
Meanwhile, Riverdeep has reported net profits of $4.4m for its second quarter to the end of December, compared with a $3.1m loss a year earlier. The previous Q2 figure included a $4.1m restructuring charge.
Revenues for the second quarter jumped by 48% to $61.1m compared with a year earlier.
The figures show that the company spent $1m in the quarter on legal and financial advice linked to the proposed MBO.
For the first half of its financial year, revenues are up 66% to $117.8m, while net profits are $4.3m, after a $2.5m loss in the corresponding period a year earlier.
Riverdeep said the market for its products continued to be hit by pressure on state and local funding in the US education market, adding that sales would continue to be affected by the overall economic climate in the US.
Riverdeep shares closed two cent lower at €1.36 in Dublin on Friday evening.
