Tribal Group (LSE:TRB) has agreed improved terms for the proposed sale of its businesses to Thames Bidco Limited, a company controlled by Main Capital Partners, increasing the cash consideration to approximately £231.2 million.
Under the revised terms, Tribal shareholders would receive 105p per share, compared with total consideration of approximately £189.3 million under the previous terms.
The company said the revised consideration represents a premium of up to 80.2% to recent trading prices.
Board Maintains Recommendation for Transaction
Tribal’s board unanimously maintained its recommendation that shareholders vote in favour of the transaction at the general meeting scheduled for 2 October.
The directors described the revised terms as fair and reasonable and are recommending that shareholders approve the resolution required to implement the transaction.
Irrevocable voting commitments in support of the deal now represent approximately 52.7% of Tribal’s issued share capital.
The transaction remains subject to the relevant shareholder approval and other applicable conditions, with completion expected to proceed according to the existing timetable.
About Tribal Group
Tribal Group is a UK-based provider of software and services to the education sector. The company supplies student information systems and related digital platforms used by educational institutions and organisations across its markets.
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