The 44-strong Clondalkin Group management buyout team is expected to have acceptances in respect of over 50 per cent of the group's shares when the first closing date for the €385 million (£303 million) management buy-out (MBO) offer passes tomorrow. Edgemead, the vehicle being used by the management buy out group and its venture capital backers Candover, already has acceptances for just over 44 per cent of Clondalkin shares.

Informed sources said that while institutional shareholders have voiced discontent at the terms of the offer, sufficient acceptances will be received by tomorrow's first closing to allow Edgemead declare its offer unconditional.

If the management offer is accepted, it will be the first buyout of an Irish public company although it will not be the biggest MBO in Ireland. That distinction belongs to Cantrell & Cochrane, which was bought out earlier this year for £578 million (€734 million).

Two institutional shareholders in Clondalkin - Aberdeen Asset Management and Norwich Union - have publicly criticised the management offer as too small, but market sources believe the institutions will accept the cash bid.