Credit Suisse First Boston is advising on the buyout of Riverdeep, the Irish software group it helped float three years ago, but shareholders stand to only recoup a fraction of what they spent.

The adviser is working for the independent directors of Riverdeep, which is set to be bought for $376m (€353m) by Hertal Acquisitions, a vehicle set up by Barry O'Callaghan, chief executive of Riverdeep. The Riverdeep shareholders will get €1.51 per share, which is just 43% of the €3.48 they paid for each of the Irish software group's shares when it floated three years ago. Davy Corporate Finance, which was co-lead manager on the IPO, is advising alongside CSFB on the management buyout. JP Morgan and Goodbody Corporate Finance are advising Hertal.