29th Sep 2026 11:51
(Alliance News) - Tribal Group PLC on Tuesday received a possible takeover offer from its largest shareholder that trumps an offer Tribal had accepted on Monday.
The Sheffield, England-based educational software and services provider received an offer from Jenzabar Inc, which holds a stake of around 26.2% in Tribal Group, valuing the company at around 111 pence per share, higher than a rival 105p offer Tribal accepted Monday.
Jenzabar said it is considering the possible cash offer, for which it has until October 27 to announce a firm intention, or to walk away.
Jenzabar said: "Unlike the proposed sale, the possible offer would deliver cash to shareholders under a code-governed offer, rather than through an asset sale followed by cancellation of the AIM admission and a members' voluntary liquidation with distribution only in due course."
On Monday, Tribal had accepted a takeover offer equivalent to 105p per share from Thames Bidco Ltd, a company controlled by funds and accounts managed or advised by Main Capital Partners BV.
The offer had been raised by 22% to GBP231.2 million from the GBP189.3 million that Main Capital had offered earlier in September.
A general meeting for shareholders to approve the proposed takeover by Main Capital will be held on Friday.
Jenzabar urged Tribal shareholders to vote against the takeover by Main Capital. Jenzabar said Tuesday: "If the resolution is passed, Tribal will have sold its entire operating business and there will be no company for shareholders to receive an offer for. The vote on 2 October is therefore not a vote on price; it is a vote on whether shareholders retain the right to consider a higher offer at all."
Tribal expects the first distribution of increased net cash proceeds to shareholders within 30 days of the liquidators being appointed, anticipated in the first quarter of 2027.
The final distribution is expected within six months of completion of the proposed sale, anticipated in the second quarter of 2027.
Tribal shares were 2.4% higher at 102.40 pence each on Tuesday just before noon in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Tribal Grp.