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UK Alchemy Partners gains 96 per cent approval for Riverdeep buy-out14/04/2003. Source: AltAssets. 
 UK-based Alchemy Partners has gained shareholder approval for its $376m public to private buy-out of Irish educational software company, Riverdeep.
The offering memorandum contained an unusual clause stating that in the event of a third party competing offer, Barry O'Callaghan and Patrick McDonagh of the Riverdeep management team would unconditionally agree to accept the competing offer in respect of the 42 per cent of shares owned by them.
Altogether, Alchemy has a 96 per cent approval for the deal, which means that Riverdeep will leave the Dublin stock market with its management intact. Alchemy will take a 23 per cent stake. The deal is Ireland's sixth public to private since the start of 2002.
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