Hertal, the MBO vehicle which is trying to take control of Riverdeep, is close to achieving its target to complete the acquisition.
By Monday's 3pm deadline, it had received acceptances representing just over 77% of the shares held by independent shareholders. It needs 80% of these. This amounts to just under 83% when the shares owned or controlled by Hertal are taken into account.
Hertal, headed by chief executive Barry O'Callaghan and Pat McDonagh, has extended its offer until 3pm Irish time on March 14.
Hertal also said nearly 80% of the Hertal shares reserved for other Riverdeep shareholders had been taken up. Barry O'Callaghan said the share alternative now had broad support from corporate, institutional and retail investors.
