Ellucian Company L.P. agreed to acquire Tribal Group plc (AIM:TRB) from Strategic Equity Capital plc (LSE:SEC), LF Gresham House Equity Funds - LF Gresham House UK Smaller Companies Income Fund managed by Link Fund Solutions Limited, Oryx International Growth Fund Limited (LSE:OIG) managed by Harwood Capital LLP, Schroder Investment Management Limited, Schroder Investment Management Limited and others for £160 million on October 5, 2023. The transaction is subject to Smoove plc shareholders, court approval, and CLC Approvals. The offer was unanimously recommended by the Tribal board. Competition and Markets Authority (CMA) approved the transaction and did not launch an investigation. The long stop date of the transaction is April 5, 2024. The Tribal Directors, who have been so advised by William Blair as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Accordingly, the Tribal Directors unanimously recommend that Tribal Shareholders vote in favor of the Scheme. As of November 20, 2023, Jenzabar strongly opposes the offer by Ellucian Company to acquire the entire issued and to be issued share capital of Tribal Group.

Geoff Iles, David Lloyd, Jack Williams, Douglas Solomon of Merrill Lynch International acted as financial advisor to Ellucian Company L.P. Virginia Bull, Nick Prowting, Carlo Spingardi, Tom Brookhouse of Investec Bank plc acted as financial advisor to Ellucian Company L.P. Singer Capital Markets Advisory LLP acted as financial advisor to Ellucian Company L.P . RBC Capital Markets, LLC is also acting as a financial adviser to Ellucian. Kirkland & Ellis International LLP is acting as legal adviser to Ellucian. Axinn, Veltrop & Harkrider is also acting as legal adviser to Ellucian. Taylor Wessing LLP is acting as legal adviser to Tribal. Dominic Emery, Hanan Lee, Tanya Sazonova, Henry Nicholls of William Blair International, Ltd acted as financial advisors to Tribal. Dean Rodrigues and David Wyles of Greenhill & Co. International LLP of acted as financial advisor to Jenzabar.