The management team at Clondalkin had received acceptance of its management buyout offer (MBO) from shareholders representing around 60 per cent of the shares by the first closing date at 3 p.m. yesterday, according to market sources. Counting was continuing and the final result will be announced this morning.

Edgemead, the vehicle being used by the 44-strong management team, and its venture capital backers, Candover, is expected to extend the offer date by at least a further 14 days. The €385 million (£303 million) offer is conditional on its acceptance by not less than 80 per cent of the company. But the MBO team has the option to reduce this to more than 50 per cent.