IBM today placed 12 million shares in Irish e-learning firm Riverdeep with global institutional investors.
The deal is valued at euro 46.03 million with the shares valued at euro 3.87 each. IBM remains a significant shareholder in Riverdeep with a holding of 7 per cent.
Following the placing, all significant Riverdeep inside shareholders - consisting of IBM, chief executive Mr Barry O'Callaghan and chairman Mr Patrick McDonagh - have signed new 12-month lock-up agreements on their combined holdings that will not to expire before August 2002.
Riverdeep does not expect any significant secondary stock to be placed in the market in the next 12 months.
Riverdeep’s share price dropped 10 cents on the Dublin market this afternoon to euro 4.05.
