TRIBAL GROUP PLC

M&A Activity • Oct 24, 2023

National Storage Mechanism | Additional information

RNS Number : 1523R

Tribal Group PLC

24 October 2023

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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