A successful management buy-out of OPD led by chairman Peter Hearn took a step nearer completion after the company declared the offer unconditional.

The offer was made unconditional on Friday after the percentage of OPD shares either owned by Hearn through his bidding company Offerco or for which Offerco had received acceptances from other shares to sell reached 54.11%.

Once a bidder has effective control over more than 50% of shares, and the offer becomes unconditional, it gives existing shareholders an additional 14 days to decide whether to accept the offer and allows certain decisions to be taken without the usual 75% threshold. This increases the chances of a successful bid.

Hearn’s original offer of 57p a share was made in May.