The biggest shareholder in Sheffield tech firm Tribal Group PLC is considering a takeover bid which would gazump a private equity offer set for a shareholder vote on Friday.
Tribal, led by CEO Mark Pickett (pictured), provides student information systems and digital platforms used by educational institutions and other organisations.
Yesterday shares in Tribal jumped 17% to 98p after Main Capital Partners increased its proposed cash offer to £231.2 million.
Under the terms of the revised offer, shareholders would receive 105p per share, compared with a total consideration of approximately £189.3m under the previous proposal.
Tribal’s board unanimously maintained its recommendation that shareholders vote in favour of the transaction at a general meeting scheduled for Friday.
However this morning Jenzabar, Inc, a higher education technology provider based in Boston, Massachusetts – which owns 26% of Tribal’s share capital – called for the vote to be adjourned and said it was considering tabling a cash bid of its own.
The price it mooted is 111p per share, representing a premium of 5.7% to Main CP’s revised offer – and 76.1% to the closing price of 63p on 10th September, the last date before the first offer was received.
Jenzabar has been a shareholder in Tribal since 2015 and is the largest single holder on its register.
It stated this morning: “Unlike the proposed sale [to Main CP], the possible offer would deliver cash to shareholders under a code-governed offer, rather than through an asset sale followed by cancellation of the AIM admission and a members’ voluntary liquidation with distribution only in due course.
“Shareholders would not bear liquidation, cost or timing risk, and would not be dependent on a members’ voluntary liquidation completing as estimated.
“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.”
On any potential regulatory hurdles around a merger, it continued: “Jenzabar’s activities are principally focused on the United States higher education market and Tribal’s Student Information Solutions business serves institutions in the United Kingdom and internationally.
“On the basis of that advice, Jenzabar does not consider that the possible offer raises a substantive UK merger control issue, and is prepared to discuss with the board an appropriate allocation of regulatory risk.”
Tribal generated revenue of £92.5m and adjusted EBITDA of £17.5m for the year ended 31st December 2025.
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