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Tribal Group PLC’s largest individual shareholder said on Monday that it opposes the planned takeover of the company by a US software provider to the education sector. Jenzabar Inc on Monday said it opposed the planned takeover of Tribal Group PLC by Ellucian Co LP. Tribal is a Bristol-based educational software and services provider. It received a planned takeover offer worth £172.3 million from Ellucian in early October. Jenzabar Inc, a software company focused on a technology suite for higher education, said it ‘strongly opposes’ the offer. It did not give a specific reason for its opposition. Jenzabar owns a 20% stake in Tribal Further, Boston, Massachusetts-based Jenzabar confirmed that it is not planning to make a firm offer for Tribal. Under the cash deal which Tribal recommends, every Tribal share was valued at 74 pence per share, with Tribal valued at £159.5 million on a fully diluted basis, giving it an enterprise value, including debt, of £172.3 million. It represented a 41% premium to the closing price of 52.30 pence in London on October 5, the day the offer was made. In late October, the UK Competition & Markets Authority said it considered a formal phase 1 merger investigation, under which Tribal and Ellucian will produce and finalise a merger notice with the UK competition watchdog. Tribal shares rose 15% on Monday afternoon in London to 73.02p per share. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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