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24 Oct 2023 16:22
24 October 2023
Tribal Group plc
Further re: Recommended Cash Offer for Tribal Group plc
Acquisition Update
On 5 October 2023, the Boards of Tiger Bidco 1 Ltd ("Bidco") and Tribal Group plc ("Tribal") announced that they had reached agreement on the terms and conditions of a recommended all cash offer by Bidco for the entire issued, and to be issued, ordinary share capital of Tribal (the "Acquisition"). The Acquisition is proposed to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").
The Competition and Markets Authority ("CMA") has confirmed that it considers that a formal Phase 1 merger investigation in relation to the Acquisition is warranted. Accordingly, Tribal and Bidco will produce and finalise a Merger Notice with the CMA, preliminary to a Phase 1 merger investigation of the Acquisition. Following confirmation by the CMA that the Merger Notice meets the applicable requirements under the Enterprise Act 2002, the timing of commencement of the Phase 1 merger investigation period will be provided.
A circular in relation to the Scheme is currently being prepared and is expected to be dispatched to Tribal shareholders by no later than 2 November 2023. Further details in relation to the timetable of the Scheme will be set out in the circular.
Unless otherwise defined, all capitalised terms in this announcement shall have the same meaning given to them in the Rule 2.7 announcement released on 5 October 2023.
For further information, please contact:
Tribal Group plc | Tel: +44 (0) 117 311 5293 |
Mark Pickett, Chief Executive Officer | |
Diane McIntyre, Chief Financial Officer & Company Secretary | |
Investec Bank plc (NOMAD & Joint Broker) | Tel: +44 (0) 20 7597 5970 |
Virginia Bull, Nick Prowting, Carlo Spingardi | |
Singer Capital Markets Limited (Joint Broker) | Tel: +44 (0) 20 7496 3000 |
Shaun Dobson, Tom Salvesen, Alex Bond | |
Alma PR | Tel: +44 (0) 203 405 0205 |
Caroline Forde, Hannah Campbell |
About Tribal Group plc
Tribal Group plc is a pioneering world-leader of education software and services. Its portfolio includes Student Information Systems; a broad range of education services covering quality assurance, peer review, benchmarking and improvement; and student surveys that provide the leading global benchmarks for student experience. Working with Higher Education, Further and Tertiary Education, schools, Government and State bodies, training providers and employers, in over 55 countries; Tribal Group's mission is to empower the world of education with products and services that underpin student success.
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