The management buyout (MBO) of Clondalkin, the paper and packaging group, closed yesterday at 3 p.m. The company is expected to issue a statement this morning, but market sources said the MBO has been successful. Shareholders representing more than 80 per cent of the shares are understood to have accepted the offer. The offer can now go unconditional.

Clondalkin had acceptances representing 72 per cent last Friday and this rose to 75 per cent over the weekend.

Aberdeen Asset Management, which has a 5 per cent stake in Clondalkin, did not accept the offer by the closing date. However, it said it would accept the cash offer if the offer was declared unconditional.