IRISH-LISTED e-learning company ThirdForce moved a step closer to being taken private yesterday after LearnVantage, the vehicle taking it over, said it had received sufficient acceptances for the offer to become unconditional.

LearnVantage, which is headed by ThirdForce chief executive Brendan O’Sullivan and chairman Pat McDonagh, said it had received 91.6 per cent acceptances from shareholders. This included Mr McDonagh’s 25.47 per cent stake in the business.

LearnVantage said it now intended to exercise its rights to compulsorily acquire the remaining shares in ThirdForce.

It also plans to begin the process of delisting from the IEX market in Dublin and the Aim market in London.

Shareholders were offered a straight cash offer of 10.5 cent a share or a mix of shares in LearnVantage and cash. They were also given the choice of swapping their shares for stock in LearnVantage on a one-for-one basis. The cash offer was unanimously recommended by the independent directors of ThirdForce as “fair and reasonable”.

The independent directors of ThirdForce were advised by Goodbody Corporate Finance, while LearnVantage was advised by Dolmen Securities.

The cash offer values ThirdForce at €27.2 million. The 10.5 cent a share offer represents a premium of 24 per cent to its closing price on March 27th, the last date before the offer period began. LearnVantage originally offered 8 cent a share for the company but it raised its bid following negotiations with ThirdForce’s independent directors.

Based in Ireland, ThirdForce operates in 20 countries.