Tribal Group has recently announced that it has reached an agreement on an all-cash takeover offer valued at £159.5 million ($193.6 million) from Tiger Bidco 1. Under the terms of the recommended offer, Tribal Group shareholders will receive 74 pence per share in cash, representing a premium of 41% on Thursday’s closing price.
Enhancing Product Innovation Through Collaboration
Tiger Bidco 1, a newly formed company indirectly owned by software company Ellucian, is excited about the potential for collaboration with Tribal Group. They believe that the combined businesses’ research and development capabilities will lead to enhanced product innovation. Laura Ipsen, Chief Executive of Ellucian, expressed her enthusiasm for working with the Tribal team.
Directors in Favor of Acquisition
The directors of Tribal Group recognize clear and compelling benefits for the company presented by this acquisition. As a result, they intend to unanimously recommend that shareholders vote in favor of the proposal. The London-listed company hopes that this union will pave the way for future growth and success.