REG - Tribal Group PLC Ellucian - Acquisition Update

TribalAnnouncement

24/10/2023 16:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231024:nRSX1523Ra&default-theme=true

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQFLFLEITLSFIV