Tribal Group (TRB): Offer for the company
This situation live
TRB Tribal Group
11 Sep 2026 · offer · 95p by Main Capital Partners · +49% until the next step
The Tribal Board considers that the proposed acquisition by Main Capital represents a more attractive outcome for Shareholders, taking into account the certainty and deliverability of the Transaction.
28 Sep 2026 · offer · 105p · +1% until the next step
The Company is pleased to confirm that it has reached an agreement with Main on an increase in the cash consideration payable for the Group Companies under the Sale and Purchase Agreement from approxi
9 Oct 2026 · offer · −1% since
SilverTree confirms that it does not intend to make an offer for Tribal Group.
Offer for the company
offer · lapsed
Offer105p in cash
Premium+67% on 63p
Boardopposes
Irrevocables34.4%
Bidderprivate equity
As of 9 Oct 2026 ↗
OCT27
Next: New GM date; Jenzabar firm offer or walk away in 3 days
Every step · 4
- 11 Sep 2026 offer · 95p by Main Capital Partners – The Tribal Board considers that the proposed acquisition by Main Capital represents a more attractive outcome for Shareholders, taking into account the... ↗
- 28 Sep 2026 offer · 105p – The Company is pleased to confirm that it has reached an agreement with Main on an increase in the cash consideration payable for the Group Companies under... ↗
- 2 Oct 2026 offer – The Directors remain of the opinion that the Proposed Sale on the improved terms of cash consideration of approximately £231.2 million is in the best... ↗
- 9 Oct 2026 offer – SilverTree confirms that it does not intend to make an offer for Tribal Group. ↗
What is happening
Tribal Group: Offer for the company – offer. ['offer']
- In short
- The Board recommended a sale of its businesses to Main Capital on 11 September 2026. Main raised its price to c.£231.2m (c.105p) on 28 September, and Jenzabar (26.19%) floated a possible 111p cash offer on 29 September. The 2 October GM was to be adjourned on legal advice. On 9 October SilverTree, whose approach the Board had rejected, said under Rule 2.8 it will not bid. That leaves Jenzabar as the only rival.
- Announced
- 11 Sep 2026 · offer · 95p by Main Capital Partners
- Latest
- 9 Oct 2026 · lapsed
- Irrevocables
- 113,066,571 shares (52.7%), not lapsing on any higher offer
- Timetable
- New GM date to be announced; Liontrust and RWC (13.4%) lapse if GM not held by 29 October 2026
- Next milestone
- Jenzabar must announce firm offer or walk away by 5.00pm 27 October 2026; extendable with Panel consent
- Buyer
- Thames Bidco Limited, controlled by Main Capital funds, at c.£231.2m (c.105p per share)
- Rival
- Jenzabar's possible 111p cash offer is conditional and not firm; deadline 5.00pm 27 October 2026
- Offer
- Main (Thames Bidco) c.£231.2m, c.105p per share, all cash
- SilverTree
- Rule 2.8 statement on 9 October 2026: no offer; bound for six months, with stated exceptions
- SilverTree exceptions
- Sale agreement terminates with Board agreement; third-party firm offer (incl. Jenzabar); Rule 9 waiver or reverse takeover; Panel finds material change
What comes next
New GM date; Jenzabar firm offer or walk away (27 Oct 2026).
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Also at Tribal Group
Tribal Group plc is a pioneering world-leader of education software and services. Its vision is to enable student success through expertise, software and services on its journey to becoming a pure-play EdTech SaaS business, with global reach.
Tribal Group – company page →