Networkers International's £15m takeover of rival IT recruiter MSB International will go ahead, but it was a close call.

As at 24 November, Networkers (NI) secured acceptances from shareholders holding 75.46% of MSB shares. NI's bankers had stipulated an acceptance level of 75%. As at 6 November, NI had secured 71.26% of MSB. It extended the offer for three weeks. But under the rules of the Takeover Panel, an extension beyond that three weeks would not be allowed. NI announced it had passed the 75% level on Monday 27 November, ahead of that day's 1pm deadline for acceptances.

Peter Flaherty, who held more than 14% of MSB, was among those who did not originally accept the offer.

Acting through Keyman Personnel, Flaherty had bid 65p a share for MSB in August, and received the recommendation of the MSB board. But then NI came in with its higher bid of 73p. Flaherty, formerly chief executive of MSB, told Recruiter: "When I bid 65p, it was all I could afford." He said he felt that NI could afford to offer more and that its bid undervalued the company. However, Flaherty is now to set to accept the 73p offer. The alternative would be to remain a shareholder in an unlisted firm.

Shares in MSB, which had a full listing on the London Stock Exchange, will cease trading on 27 December. Spencer Manuel, managing director of NI, will become chief executive of the enlarged group. He told Recruiter: "We weren't too worried. I was only worried with four days to go before the first deadline and we only had 60%. If we hadn't got to 75%, I would have had to ask the bank if they would accept less."

MSB has a diverse shareholder base, with some investors holding just a few shares. Manuel said: "This is our first deal, and we see ourselves as consolidators in the sector." Andrew Zielinski, chief executive of MSB, has now left the company. He will receive a £100,000 completion bonus.

Keyman will receive a break fee of £125,000, as a result of MSB accepting NI's bid. MSB initially announced in March that it was in takeover talks. At that point Quantica was the potential buyer, but it dropped out of the running, without tabling a full bid.