The principal investor in Sheffield’s technology company Tribal Group PLC is weighing a purchase proposal that would surpass a private-equity bid scheduled for a formal shareholder vote on upcoming Friday.
The Sheffield-based company Tribal Group, overseen by CEO Mark Pickett, designs software solutions for managing student data and digital services that universities and other groups rely on.
Tribal’s stock price surged by 17%, reaching 98p per share yesterday after Main Capital Partners boosted its cash takeover bid to £231.2 million.
With the updated proposal, investors would get 105p for each share, up from the earlier total valuation of around £189.3 million.
Tribal’s board unanimously recommended that shareholders vote in favor of the transaction at Friday’s general meeting.
However, this morning, Jenzabar, Inc., a Boston-based higher education technology provider owning 26% of Tribal’s shares, called for the vote’s adjournment and announced it was considering a rival cash bid.
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Jenzabar proposed 111p per share, a 5.7% premium over Main Capital’s revised offer and 76.1% above the 63p closing price on September 10th, before the initial offer.
As Tribal’s largest shareholder since 2015, Jenzabar stated its offer would provide shareholders with cash through a code-governed process, avoiding the risks associated with Main Capital’s proposed asset sale and liquidation.
Jenzabar highlighted in its announcement that, unlike the pending sale to Main Capital Partners, its potential bid would provide shareholders with immediate cash under standard regulatory terms, avoiding a complex asset sale, AIM delisting, and a lengthy liquidation process with delayed payouts.
Jenzabar calls on the Tribal board to adjourn the general meeting… and to engage with Jenzabar, so that shareholders are not deprived of the opportunity to decide on the merits of a higher, fully financed cash offer.
Addressing regulatory concerns, Jenzabar clarified that its operations are centered on U.S. higher education, while Tribal’s student information tools cater to UK and global clients, stating: ‘Jenzabar’s primary business is in the American higher education sector, whereas Tribal’s Student Information Solutions support institutions across the UK and internationally.’
Tribal reported revenue of £92.5 million and adjusted EBITDA of £17.5 million for the year ended December 31st, 2025.